Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Sochi Rent Break Is Extended

Low rates on land rentals for Sochi Olympic sites may be extended to the end of their contracts, up to 2040, under an Economic Development Ministry draft order published on the ministry's web site, Interfax reported Monday.

Currently, rental rates for state or municipal property provided for the construction of Olympic venues range from 3 to 17 rubles (10 to 55 cents) per square meter through Jan. 1, 2015, after which general rules for determining the rental rate will apply.

The new draft order specifies that the reduced rates will continue to be in effect but will be indexed annually for inflation after 2016.