Prokhorov will need to receive two million signatures in support of his candidacy to be included on ballots next March.

This isn't Propkhorov's first venture into politics. Earlier this summer, Prokhorov had announced that he intended to run for Prime Minister with the backing of the Right Cause party (at the time, Prokhorov said he wanted Russia to join the euro).

However the Right Cause party soon rebelled against Prokhorov, apparently on orders from the Kremlin (many criticized the party as a pro-Putin puppet party).