Russian billionaire Mikhail Prokhorov has been officially registered as a candidate in the country's upcoming presidential elections.

Wednesday's decision by the Central Election Commission will make him the fifth candidate to run in the March race. He joins three veteran politicians and Prime Minister Vladimir Putin, who is seeking to return to the post he held for eight years.

“I think that I have two opponents. These are Vladimir Putin and the Duma old men. I don't separate them actually.”

Political observers do not see Prokhorov, one of the world's richest men, as a legitimate threat to Mr. Putin's presidential aspirations but rather as the Kremlin's best effort at making the race appear competitive. The tycoon is a precious metals magnate and owns 80 percent of the (U.S.) New Jersey Nets professional basketball team.

On Monday, the Election Commission said liberal opposition leader Grigory Yavlinsky could be barred from the race because of alleged problems with his registration forms.

Officials said nearly 25 percent of Yavlinsky's signatures were found to be invalid, but said they will check more names before ruling out the application.

Yavlinsky said a ban on his candidacy would insult the tens of thousands of protesters who recently took to the streets demanding political reforms.

“The problem with these elections is that all the candidates who will be officially registered will represent the one and only corporation — the current authorities. There will be simply no opponents, and this will be a very complicated situation.''

If Mr. Putin regains the presidency, the 59-year-old leader could serve two more six-year terms and remain in power until 2024. He was first elected president in 2000 and held that post until 2008, when he assumed the post of prime minister due to term limits.