In June 1996, Sobchak lost his bid for reelection in Saint Petersburg, and Putin who had led his election campaign, refused from joining the team of his successor after this loss. He moved to Moscow and was appointed as Deputy Chief of the headed by Pavel Borodin. He occupied this position until March 1997. During his tenure, Putin was responsible for the foreign property of the state and organized the transfer of the former assets of the Soviet Union and Communist Party to the Russian Federation.