Before Yeltsin’s resignation, Primakov supported the Fatherland – All Russia electoral faction, which at that time was the major opponent of the pro-Putin Unity, and launched his presidential bid. Initially considered the man to beat, Primakov was rapidly overtaken by the factions loyal to Vladimir Putin in the Duma elections in December 1999. Primakov officially abandoned the presidential race in his TV address on 4 February 2000 less than two months before the 26 March presidential elections. Soon he became an adviser to Putin and a political ally. On 14 December 2001, Primakov became President of the Russian Chamber of Commerce and Industry, a position he held until 2011.