MOSCOW, May 6 (RIA Novosti) - Russian president-elect, Dmitry Medvedev, was handed a document confirming his victory in the country's recent presidential polls by Russia's Central Election Commission chief on Tuesday.

Forty-two-year old Medvedev is to be inaugurated as Russia's third president on May 7. Hand-picked by outgoing President Vladimir Putin, he won 70.28% of the vote in the March 2 presidential polls.

Wednesday's inauguration, due to be held at the Grand Kremlin Palace at 11:00 a.m. Moscow time [07:00 GMT], will not differ much from previous ceremonies and will last about an hour, said Georgy Vilinbakhov, head of the presidential heraldic council.

At his last Cabinet meeting as head of state on Monday, Vladimir Putin pledged closer cooperation between the Kremlin and the Russian government.

Putin is set to take up the post of premier, as well as become head of the ruling United Russia party, and analysts are at a loss as to predict exactly how this 'power-sharing' will play out.