Putin Sochi Bill Seen Rising $7 Billion After Flame Dies
The record cost of President Vladimir Putin’s Winter Olympics will keep climbing long after the athletes have gone home and the flame goes out in Sochi.
Russia, which is already spending 1.53 trillion rubles ($44 billion) to host its first Winter Games, may have to spend as much as $7 billion more in the next three years just to maintain the venues and other new infrastructure around Sochi, two officials involved in the planning said. That’s about what Canada spent in total on the Vancouver Olympics in 2010.
Nobody knows what the final tally will be because the government hasn’t decided exactly what to do with the venues yet, the officials said, asking not to be identified because budget talks are confidential. What’s clear is that in the rush to get Sochi ready, the post-Olympic plans weren’t thought through. As a result, annual spending will be tens of times higher than estimated, widening budget deficits, they said.
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Russia, which is already spending 1.53 trillion rubles ($44 billion) to host its first Winter Games, may have to spend as much as $7 billion more in the next three years just to maintain the venues and other new infrastructure around Sochi, two officials involved in the planning said. That’s about what Canada spent in total on the Vancouver Olympics in 2010.
Nobody knows what the final tally will be because the government hasn’t decided exactly what to do with the venues yet, the officials said, asking not to be identified because budget talks are confidential. What’s clear is that in the rush to get Sochi ready, the post-Olympic plans weren’t thought through. As a result, annual spending will be tens of times higher than estimated, widening budget deficits, they said.
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