WI: Popular monarchy in the Russian Federation?

So what if the new Russian constitution had an elected "Tsar" who had the power of a President, lacked term limits, but still had stand for regular election in a mulitpartisan state.
 
If Putin had tried to put in something like this in his first or second term, he likely would have suceeded. Now, however, I'm not so sure he could get away with turning Russia into an elective monarchy.
 
Why should the title be Tsar? Even if the title is the President, if there are vast executive powers and there is no term limit, it is as good as an elective monarchy, isn't it? I think today the monarchy is confined to certain European countries, East and South East Asian countries and Middle East sheikhdoms. The dictators prefer to remain as Presidents and sometimes Presidents for life. Hereditary rule as in "Best Korea" is also possible. Title is no more important.
 
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