Billionaire Prokhorov to oppose Putin in Russian presidential election

After a week that saw new challengers to his authority, Russian Prime Minister Vladimir Putin now has one from among Russia's richest and most glamorous figures: the billionaire owner of the New Jersey Nets, Mikhail Prokhorov who says he would run against Putin in the presidential elections this March.

The announcement yesterday, by Prokhorov underscores the rising discontent with Putin, who has over the last decade and more, dominated Russian politics, first as president, then as prime minister.

The announcement follows Saturday's unprecedented nationwide protests against Putin and his party, United Russia, which saw tens of thousands of people gather in the streets to denounce alleged election fraud favoring United Russia in 4 December parliamentary elections (See: Thousands protest in Moscow against electoral fraud).

The fraud and the party's comparatively poor showing in the elections - it lost nearly 20 per cent of its seats, scraping through with a narrow majority - galvanised long-marginalised opposition forces to stage a series of demonstrations, which included an enormous rally of at least 30,000 in Moscow.

Though Prokhorov did not criticise Putin or president Dmitry Medvedev, during a news conference, he said, "society was waking up."

"Those authorities who will fail to establish a dialogue with society will have to go," he declared.