Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Sberbank Plans to Recoup Sochi Investment Within 4-5 Years

State-controlled lender Sberbank, one of the biggest sponsors of construction for the Sochi Olympics, plans to recoup the tens of billions of rubles it invested in the Games within four to  years, the bank's deputy chairman of the board Stanislav Kuznetsov said Thursday.

To achieve this, the state-owned bank — the country's largest — will put its Sochi hotels up for sale, as well as its stock of "very comfortable apartments of all shapes and sizes, furnished, equipped and with all amenities," Kuznetsov said on radio station Ekho Moskvy.

Sberbank's chief, former Economic Development Minister German Gref, was an early cheerleader of the Olympic project. The bank's primary contribution to Olympic construction is the Gornaya Karusel ski resort. Sberbank owns a 92 percent stake in Krasnaya Polyana, the company that built the facility.

"A total of about 80 billion rubles [$2.3 billion] has been spent on construction, including the RusSki ski jumping center, 700,000 square meters of residential space and nine cable cars and ski slopes," said Kuznetsov, according to RIA Novosti.

"About two thirds of this sum was borrowed from [state development bank] Vneshekonombank; 30 percent came from shareholders, including Sberbank, using their own resources," Kuznetsov said.

In January, Gref said that the resort would be sold after the Games had finished.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more