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May 21, 2013

Russian businesses, tycoons foot bill for most of $51B Winter Olympics

  • A former government official described the tycoons' participation as a sort of tax imposed by President Vladimir Putin.
    • By NATALIYA VASILYEVA
    AP Business Writer

    SOCHI, Russia — The mountains of Sochi are now home to Potanin's slope, Gazprom's gondola lift and Sberbank's ski jump. The nicknames used by locals and an army of construction workers leave no doubt about who is paying for the 2014 Winter Games: Russia's business powerhouses.

    Other countries that have hosted the Olympics have overwhelmingly used public funds to pay for the construction of needed venues and new infrastructure.


     
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