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. Last Updated: 07/27/2016

Bill on Olympic Corporation Readied

Deputy Prime Minister Alexander Zhukov on Monday said the state corporation organizing the 2014 Olympic Winter Games in Sochi would be formed soon and staffed by the end of the year.

Speaking at a government meeting chaired by President Vladimir Putin, Zhukov said the corporation would take over preparations for the Olympics currently being carried out by local authorities, Interfax reported.

Putin confirmed that he had received the bill to create the corporation.

Regional Development Minister Dmitry Kozak said local authorities would be part of the supervisory council and that all the issues concerning construction and land allocation had been agreed on with them, Interfax said.

Russian Railroads, or RZD, plans to spend 450 billion rubles ($18 billion) to prepare for the Olympics, said Vladimir Goloskokov, head of the North Caucasus Railroad, Interfax reported.

RZD also plans to shorten the traveling time between Moscow and Sochi from 25 hours to 16 hours by the time of the Olympics, he said.