Russian athletes will have an added incentive to win gold for their country at this summer's Olympic Games in London after Sports Minister Vitaly Mutko announced that each first-place finisher will earn 4 million rubles ($123,000).
Olympians will receive 4 million rubles in prize money for a gold medal, 2.5 million rubles for a silver, and 1.7 million for a bronze, Mutko told journalists on Tuesday, Interfax reported.
This year's prize money represents a significant increase on the amount awarded to medalists at the 2008 Olympics in Beijing.
During that competition, prize money ranged from $50,000 for gold to $10,000 for bronze.
The London Olympic Games will run July 27 to Aug. 12.