Russian president Vladamir Putin announced Friday that he plans to leave the presidency after his current term concludes in 2024.

“I have always strictly adhered to the Constitution of the Russian Federation. It is clearly stated in the Constitution: no more than two consecutive terms. Now I have a second term. As you remember, I was twice president before that, and then left the post of president, because the Constitution did not allow me to be elected for a third time, that’s all,” Putin told reporters at the St. Petersburg International Economic Forum (SPIEF).

“I intend to adhere to this rule in the future,” he concluded.

In 2014, Putin said he would vacate the presidency by 2024, telling Russian news agency Tass that staying in power any longer would be “detrimental for the country.”

Putin was sworn in as Russia’s president for a fourth term on May 7, extending his almost two-decade rule by another six years at a time of high tension with his Western rivals.

The 65-year-old, in power since 1999, is on course to become the longest-serving Russian leader since Joseph Stalin after his victory in March’s elections.

Putin won nearly 77 percent of the vote in polls in which his most vocal opponent was banned from running.

He has promised to use his fourth term to revitalize the country’s economy. But he also faces a host of delicate international disputes.

Agence France-Presse contributed to this report.