Russia to cut venues spending by 15%

Russia has cut its budget for building venues for the 2014 Winter Olympics by 15 per cent, news agencies quoted Deputy Prime Minister Dmitry Kozak as saying.

Russian media said Kozak made his statement during a meeting with Prime Minister Vladimir Putin, who helped win the 2014 hosting rights when he was Russia's President.

Last October, Russian President Dmitry Medvedev put Kozak, one of the Kremlin's most trusted trouble-shooters, in charge of preparations for the Olympics in Sochi. Russia has pledged to spend $12 billion on developing the Black Sea resort.

In November, Kozak said Russia would seek savings on preparations for the Games because of the economic downturn.

Cost cuts would be sought in all big construction projects in which the state was involved, not just the Olympics, he said.

Kozak told Putin a special team of auditors was checking how efficiently funds for Olympic venues were being allocated. He added that work on the venues was going "according to plan".

"In just four venues, checked by state auditors, bloated costs worth a total of 7.5 billion roubles ($215.7 million) were found," Kozak said.