Russia's sports minister Vitaly Mutko was unanimously elected as president of Russia's Football Union (RFU) at a special conference in Moscow on Wednesday.

Mutko, who was the sole candidate for the post following the withdrawal of nationalist lawmaker Igor Lebedev, will serve as head of the RFU until the next elections in September, 2016.

The 56-year-old minister, who is no stranger to the RFU, having served as its head from 2005 to 2009, received support from Prime Minister Dmitry Medvedev, who has agreed he could serve in two capacities.

The new chief will be tasked with putting the ruling body to rights after the forced departure of his predecessor Nikolai Tolstykh in May with the RFU heavily indebted.

"On the subject of the economic circumstances it should be noted that the RFU is in the red," Mutko said.

"We are on the brink of bankruptcy. That means we will have to attract new sponsors and optimize the RFU costs quickly.

"But first of all we need to set up a proper system of management in the country's football. Everyone should comprehend the the RFU is Russian football's main body of power and the basic decisions are taken here."

Mutko also said that qualifying for the finals of Euro 2016 in France was a strategic objective.

"We will lose an entire generation of players if we miss the tournament in France," he added.

Russia are currently third in Group G with four matches to go, meaning their place at Euro 2016 in France next year is far from secure.

Russia's next qualifier is a potentially decisive fixture at home to second-placed Sweden on Saturday with a trip to Liechtenstein following just three days later.

The newly-elected chief added that the national squad wouldface the biggest names in world football in the run-up to the 2018 World Cup to be held in Russia.