Russia approves extra $50mln in subsidies for Sochi Olympics

Russia approves extra $50mln in subsidies for Sochi Olympics

PanARMENIAN.Net - With less than six weeks to go until the start of the Winter Olympics in Sochi, the Russian cabinet approved almost $50 million in extra subsidies for the Games' local organizing committee on Wednesday, Dec 25, according to RIA Novosti.

No reason was given for the extra 1.6 billion ruble injection, which will be put towards the estimated $7 billion cost of hosting the Olympics themselves, rather than the vast infrastructure costs that have taken the Games’ total costs to around $50 billion.

Total government subsidies for the organizing committee now stand at 13.85 billion rubles ($420 million), although the organizing committee also draws revenue from sponsorship as well as contributions from state-owned companies.

The Olympics will run from February 7 through 23.

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