Belozerov, 45, has been deputy head of the Ministry of Transport since May and was previously deputy minister of transport from 2009.
In his comments confirming the appointment, Medvedev said that Belozerov is competent in all areas of transport with long-standing experience in roads and that he became engaged with railways in his role at the transport ministry.
"It was evident in our conversations with you that you are well aware of the current economic situation surrounding Russian Railways, its advantages, and its difficulties, and the situation with the budget and upcoming investments," Medvedev said.
Belozerov succeeds Dr Vladimir Yakunin who announced earlier this week that was stepping down from RZD after more than a decade to seek election to the Federal Council, the upper house of Russia's parliament.
Oleg V Belozerov was born September 26, 1969, in Ventspils, Latvian SSR.
In 1992 he graduated with a degree in industrial planning from St Petersburg University of Economics and Finance (now part of St Petersburg State University of Economics).
In 2005 as a Ph.D Candidate in Economic Sciences he defended his thesis on "Organisation of supply logistics in vertically integrated structures of corporate type".
From 1998 to 2000 Belozerov worked at JSC Lenenergo, as deputy commercial director, commercial director, head of logistics and transport.
From 2000, he served as deputy director of JSC Freight motor company No 21, St Petersburg.
From 2000 to 2001 he was head of the financial and economic department of the Office of the Plenipotentiary Representative of RF President in the North-West Federal District.
From 2001 to 2002 worked as deputy director for management of corporate assets Lomo, St Petersburg.
From 2002 to 2004, Belozerov was general director of JSC Russian Oil Company.
From July to November 2004 he served as deputy head of the Federal Road Agency.
From 2004-2009 he led the Federal Road Agency (Rosavtodor).
March 2009 appointed deputy minister of transport.
May 2015 appointed first deputy minister of transport for the Russian Federation.
August 2015 appointed president of Russian Railways
He was awarded the Order of Honour (2010), "For Service to the Fatherland" IV degree (2014) and the Medal of the Order "For Merit" I degree (2006).
He is married and has a son and daughter.