Vladimir Putin says he will step down as president after term expires in 2024

Russian President Vladimir Putin speaks during a joint news conference with German Chancellor Angela Merkel following their meeting in the Black Sea resort of Sochi, Russia May 18, 2018. REUTERS/Sergei Karpukhin/File Photo

Vladimir Putin said on Friday he would respect the Russian constitution which bans anyone from serving two consecutive presidential terms, meaning he will step down from his post in 2024 when his current term expires.

 His remarks, made to reporters at an economic forum in St Petersburg and broadcast on state TV, are not a surprise and do not necessarily mean he will relinquish power in six years.

Putin has stepped down as president once before, in 2008, after serving two back-to-back terms only to return in 2012 after doing a stint as prime minister, a maneuver he would be legally entitled to carry out again