Russia's Communist Party leader Gennady Zyuganov to run for presidency.

Ria Novosti - Russia's Communist Party on Saturday nominated its leader Gennady Zyuganov as the party's candidate for the March 4 presidential election.

In the party's congress, Zyuganov's nomination was unanimously approved by 209 representatives.

"I thank you for understanding the situation and I believe you have voted for our team, our party, our program, and beloved Russia," Zyuganov said after the party vote.

The 67-year party leader would participate in the presidential elections for the fourth time.

So far, all the leaders of Russia's four main political parties - the ruling United Russia, the Communist Party, A Just Russia and the Liberal Democratic Party of Russia - have been nominated as the presidential hopefuls.

In addition, billionaire Mikhail Prokhorov announced Monday he would run in the election as an independent.

The Communist Party, founded in June 1990 as part of the former Soviet Union's Communist Party, was the main opposition party in Russia. In recent parliamentary elections, the party garnered 92 seats in the new State Duma, or the lower house of parliament, as the second largest party.