Tags: sochi | olympics | billion | cost

$50 Billion Sochi Games Priciest Winter Olympics Ever

Image: $50 Billion Sochi Games Priciest Winter Olympics Ever

Thursday, 30 Jan 2014 08:13 PM

By Cynthia Fagen

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
The Sochi Winter Games wins a gold medal for costing more than all previous Winter Olympics — combined — weighing in at a staggering $50 billion price tag, according to a report released Thursday by the Institute of Modern Russia, a United States-based think tank.

"The Sochi Olympics has gone down in history before it has opened: it is the most expensive Olympics in the history of humankind," IMR co-author Boris Nemtsov charges.

"With over $50 billion already spent, it is more expensive than the sports buildings of all the other [W]inter Olympics combined, and there have already been 21 of them.

"The Winter Olympics in Sochi is [President Vladimir] Putin’s personal project. He believed that the Olympic Games will be his triumph, and that the participation of athletes from all over the world will be recognition of his indisputable leadership, both in Russia and in the world," the report stated.

In addition, construction of the complex by the Black Sea has been riddled with corruption, according to the IMR, a group that advocates for democracy and human rights in Russia. It cited a local highway project that cost four times more than the entire 2010 Games.

“Unfortunately for Russians and Americans, flying to Mars is much cheaper than to build a road,” said Nemtsov.

"The astronomical sum of 1.5 trillion rubles spent on the Olympics has been controlled largely by business people and companies close to [President Vladimir] Putin," the report claims.

The largest investor, the state corporation Olympstroy, controlled $9.4 billion of state budget funds for construction at the Games. Three of its former top managers have been fired, accused of corruption, but have yet to go to trial.

"It is no secret that the preparation for the Olympics in Russia has been accompanied by unprecedented corruption. The lion’s share of the construction is being done either at the expense of the state budget, through state corporations, or through shareholder associations which are either state property or under state control," the report said.

Putin originally pitched the Olympics at Sochi, located in the warmest part of Russia, as a $12 billion project. "Essentially, the Olympics have exposed, in concentrated form, the main flaws of the [Russian] system: abuse, corruption, petty tyranny, cronyism, non-professionalism, and irresponsibility," the report concluded.

Related Stories:


© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Pentagon: ISIS Fight Has Cost $424 Million Since August

Tuesday, 21 Oct 2014 21:04 PM

The United States has spent about $424 million fighting the Islamic State (ISIS) since an air campaign against the terro . . .

Former Washington Post Editor Ben Bradlee Dies at 93

Tuesday, 21 Oct 2014 20:10 PM

Former Washington Post editor Ben Bradlee, who oversaw the paper's coverage of the Watergate scandal that toppled Presid . . .

GOP: Obama Trying to Avoid Admitting Ebola Travel Ban Would Work

Tuesday, 21 Oct 2014 20:06 PM

Republicans on Tuesday slammed the latest travel restrictions by the Obama administration during the Ebola crisis, with  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved