Tolstykh was appointed to his role after an election in which he beat Russian Premier League chief Sergei Pryadkin.
Tolstykh replaces Sergei Fursenko, who quit after Russia’s disappointing Euro 2012 campaign.
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Chelsea have struggled to build momentum in the opening stages of the campaign and are currently looking over their shoulders at the relegation zone.
Who of Europe’s top strikers will move to England this summer?