Vladimir Putin on Wednesday announced he is running for the Russian presidency in upcoming elections, seeking a fourth term next year that would extend his rule to 2024.

Putin, who has dominated politics since first becoming president in 2000, is practically guaranteed to win. A September poll by the independent Levada Center put his approval ratings at 83 percent.

Next year's elections on March 18 are timed to coincide with the anniversary of Russia's annexation of Crimea from Ukraine — an event which largely consolidated Putin's popularity at home.

"I will put forward my candidacy for the position of president of the Russian Federation," the Interfax news agency cited Putin as saying during an event in honor of the 85th anniversary of the Gorky car factory GAZ, in Nizhny Novgorod.

"There's probably no better occasion or place to make this announcement."