Putin Warns Sochi Builders

President Vladimir Putin warned construction companies in the 2014 Olympic city of Sochi against inflating prices and lagging behind schedule.

Less than a week after he was sworn in as president, Putin on Friday went to the Black Sea resort to inspect sites for the Winter Games and chide construction companies.

The firms are responsible for the bills they submitted to the government years ago and should not inflate prices in the final months of building, said Putin, who played a key role in Sochi's bid to host the Olympics and has personally overseen most of the preparations. The construction budget for the Olympics' infrastructure is about $6.5 billion, with more than half coming from private funding.

(AP)

Read more