The president now holds office for six years and members of parliament five years, the Novosti news agency reported.
Medvedev proposed the change in November in his first state of the union address and they were approved by both houses of parliament within weeks. Regional parliaments ratified them unanimously..
The amendment also includes a requirement that the government submit annual reports to parliament.
The Yabloko Party a pro-democracy group, said this week that the speedy ratification of the amendments violated Russia's constitution, The Washington Post reported.
The term extension for the president is being widely interpreted as a move by Kremlin leaders to prepare for the return of Russian Prime Minister Vladimir Putin to the presidential suite, enabling him to take charge of the country during the economic crisis.
Yabloko leaders said that the constitution demands that regions must be given a year to consider proposed amendments, while another clause says the upper house should confirm the votes by the regions in its first meeting after that year has passed.
"They're completely ignoring the law," said Sergei Mitrokhin, chairman of Yabloko, who acknowledged that his party's objections would probably be ignored.