Russia cuts $8.4 billion off winter olympics builds

2014 Winter Olympics hosts, Russia, have announced that they are to cut their investment in construction projects for Olympic delivery by 15%.

News agency AFP reported the announcement by deputy Prime Minister Dmitry Medvedev that the savings could be made by reassessment of the current plans. In a bid to tighten their belt during the financial crisis another look at the Olympic schemes in the city of Sochi showed that four of the major buildings had been over-estimated in cost by US$200million.

Last month Medvedev was keen to push forward with the plans stating: “This year we must finish designing the Olympic venues, begin construction of all the Olympic palaces and parks, and of course, finish putting in place systems to monitor and oversee the construction of the Olympic venues."

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