Russian President Vladimir Putin listens during a meeting on labor issues via video conference at the Novo-Ogaryovo residence outside Moscow, Russia, March 31, 2021. (ALEXEI DRUZHININ / SPUTNIK / KREMLIN POOL PHOTO VIA AP)

MOSCOW - Russian President Vladimir Putin on Monday signed a bill into law enabling the incumbent head of state to run for two more terms starting 2024.

The bill was approved by the lower house of parliament, the State Duma, and the upper house of parliament, the Federation Council, last month.

The law signed by Russian President Vladimir Putin limits any future president to two terms in office, but resets his term count

The new elections law was made following constitutional amendments adopted in a nationwide referendum in July 2020.

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One of the 206 constitutional amendments stipulates that the limit of two presidential terms applies to the incumbent head of state, but without taking into account his previous terms.

The law signed by Putin limits any future president to two terms in office, but resets his term count. It prevents anyone who has held foreign citizenship from running for the Kremlin.

In light of the amendment, the new law could allow Putin, 68, to potentially remain in power until the age of 83 and the possibility of starting his presidency from scratch in 2024 and holding the office for two more terms until 2036. He is currently serving his second consecutive term as president and his fourth in total.

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The reform was packaged with an array of other amendments that were expected to garner popular support, such as one bolstering pension protections.