Russia's President Dmitry Medvedev has vowed to pursue his modernization agenda after shifting into the prime minister's job in a speech that summed up the results of his four-year presidency.

Medvedev has agreed to step down after one term to allow his longtime mentor Vladimir Putin to reclaim the presidency in March's election. The swap was widely seen as a cynical maneuvering, fueling a wave of unprecedented massive protests in the run-up to the vote, AP reported.

Medvedev raised hopes for liberal reforms early in his presidency but achieved little, largely staying in the shadow of his powerful predecessor, who has continued calling the shots as prime minister.

In Tuesday's speech before the State Council, Medvedev repeated pledges to combat corruption, pursue political reforms and modernize economy.