Russian government cancels state program of funding Sochi 2014

Russian government decided to exclude the Sochi Olympic Games from the list of independent state-funded programs. The relevant decree was signed by prime minister Vladimir Putin.

From now on the financing of the 2014 Olympics will be performed in full by the targeted federal programs.

According to Kommersant, the new policy will deprive the ministries of finance and economy of the possibility to control the expenses for the Olympic Games organization.

It should noted that earlier the shift to full financing by targeted programs was planned only from the beginning of 2012.