Russian news agencies are reporting that President Vladimir Putin has appointed Deputy Finance Minister Maxim Oreshkin to take over the economic development ministry, replacing an official who is facing corruption charges.

Interfax says Putin met with Oreshkin on Wednesday and remarked that "you are working successfully" before offering him the promotion, which he accepted.

Oreshkin is an economist with experience of working in the banking sector who headed the finance ministry's long-term planning unit before becoming a deputy minister last year.

Economic Development Minister Alexei Ulyukayev was detained on Nov. 14 after allegedly accepting a $2 million bribe from state oil company Rosneft in a sting set up by the FSB domestic security agency.