Thursday, June 21, 2018

Putins warns Olympic contractors at Nizhny Tagil meeting

Russian President Vladimir Putin warned construction companies working on the 2014 Olympic city of Sochi last week at a meeting in Nizhny Tagil against inflating prices and falling behind schedule.

Putin, one of the main backers of Sochi's Olympic hosting bid, has personally overseen most of the city's preparations, reports.

Putin recently visited Sochi to inspect work sites and critique the work being done by construction companies, reminding them that they are responsible for bills submitted years ago to the Russian government. Putin also took the time to warn against inflating prices during the final months of Olympic infrastructure building.

"I'm aware of the desire of some ordering parties and subcontractors to increase the cost of the sites now in the final stages of the construction," Putin said, reports. "This is unacceptable."

The government may fine companies that lag behind in construction, Putin warned.

Currently, the budget for the Sochi Olympics stands at approximately $6.5 billion, with more than half of that amount coming from the private sector.