The head of major Russian bank VTB 24, Mikhail Zadornov, said in an interview with the Dozhd television channel on Thursday that the real cost of hosting the Winter Olympics in Sochi in 2014 was more than six times the figure reported by the authorities.
“It is not a secret that the Olympic Games in Sochi didn't cost as much as the officials said — 230 billion rubles ($2.9 billion). It cost 1.5 trillion rubles ($19 billion),” Zadornov told Dozhd.
According to VTB 24's head, the financing of the 2014 Olympics was “quasi-fiscal” as the money on the games was allocated not from the state budget but through Russian state development bank Vneshekonombank.
The same figures were released by Anti-Corruption Foundation headed by opposition leader Alexei Navalny. According to the foundation's report, a total of 1.5 trillion rubles were spent on hosting the Olympics. A total of 822 billion rubles ($10.4 billion) of this money came from the federal budget.
The Kremlin does not agree with the estimates. Kremlin spokesman Dmitry Peskov, commenting on Zadornov's claims, said the official figures are accurate, the TASS news agency reported.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
