Mr Putin is only expected to meet volunteers who took part in his election campaign, the agency says.
Although painful sanctions have been imposed on Russian Federation for its annexation of Crimea, its involvement in eastern Ukraine and its alleged interference in the US presidential election, Putin appears to be willing to pay the price, especially because rising world oil prices have restored some revenue. "A new quality of life, well-being, security and people's health - that's what's primary today" he was quoted as saying by The Associated Press.
This year Putin's minders are reportedly planning a fairly low-key inauguration ceremony that will not include a lavish Kremlin reception in an apparent effort to eschew any bad publicity.
Putin has struggled to revive an economy that crashed after Moscow was hit with Western sanctions over its annexation of Crimea in 2014, followed by a fall in global oil prices in 2016.
The country recorded an anemic improvement in 2017, with gross domestic product rising 1.5 per cent and the ruble recovering some of its value. It was conducted last month among 1,600 Russians in 136 towns and cities. Russian Federation is a strong, active and influential player on the global arena. "We will continue to pay necessary and constant attention to these issues", Putin concluded.
"We've ended up in a dead end over these 18 years".
Moscow, May 7 A KGB officer turned world leader, Vladimir Putin has stamped his total authority on Russian Federation, silencing opposition and reasserting Moscow's lost might overseas while building a strongman image through macho stunts.
Due to term limits he stepped down from the presidency in 2008 but continued to serve as prime minister until returning to the presidency in 2012.
The president stressed that the six year of the government's term were "very rich in new challenges and extraordinary developments both inside the country and in the world".
Putin won the elections gaining 76.69 percent of the vote, with over 56.4 million voters casting their ballots for him, according to Central Election Commission data.
The ceremony Monday was covered in assiduous detail on state television. One of the most prominent was former German Chancellor Gerhard Schroeder, who is now chairman of Russia's state oil company Rosneft and one of the most prominent Western voices arguing for an end to sanctions against Russian Federation.
Putin and Russian Prime Minister Dmitry Medvedev.
Medvedev's candidacy still has to be approved by the State Duma, or the lower house of parliament. Although there were complaints of ballot-stuffing and other violations, his support was clearly high.