The new party is based on the former Union of Right Forces (SPS), along with the Democratic Party and Civil Force parties.
At the founding congress on Sunday, 279 delegates from 79 Russian regions voted unanimously to form the party.
The organizers of the new party earlier said in a statement that its principles were "democracy, the free market, the rule of law and the equality of all before the law."
The party's three co-chairmen will be Boris Titov, Georgy Bovt and Leonid Gozman, former senior members of Civil Force, the Democratic Party and the SPS, respectively. The party is expected to take part in the March 2009 regional elections.