Putin will seek another presidential term in Russia's election next year

State of play: On Thursday, Russian lawmakers approved a decree setting the country's next presidential election for Mar. 17, 2024.

• If Putin, 71, wins the election, he will remain in office for another six-year term, bringing his rule to more than two decades, per AP.
• Putin's current presidential term expires on May 7, according to Russian state news agency Tass.

Zoom out: In accordance to constitutional reforms Putin helped orchestrate in 2020, he is able to seek two more terms, which would mean he could ultimately remain in power until 2036.

• He has been Russia's prime minister or president since 1999.
• Next year's election marks the first presidential election in Russia since Putin launched his invasion of Ukraine in 2022.

Go deeper: 20 Years of Putin: Tracing his rise from KGB to Kremlin