MOSCOW -- Russia's incumbent President Vladimir Putin is set to win the eighth presidential election with 87.32 percent of votes after 95.04 percent of ballots were counted by late Sunday, showed preliminary data from the Russian Central Election Commission (CEC).

Under Russia's presidential election regulations, a candidate who receives more than 50 percent of the votes will secure victory.

The voter turnout stood at 74.22 percent, according to the CEC.

According to an exit poll by the Russian Public Opinion Research Center, Putin leads the presidential election with 87 percent of the votes.

Russia kicked off its three-day presidential election on Friday. The final results will be confirmed no later than March 28 by the CEC and will be announced within three days of confirmation.