Russia’s World Cup budget feeling squeeze
15 October 2014, 19:59
Moscow — The head of Russia's World Cup organizing committee says the budget for hosting the 2018 tournament may face a squeeze because the ruble's fall against the dollar makes imported construction materials more expensive.
The ruble has fallen by almost a third against the dollar since the start of the year, accompanied by a fall in the price of oil, a crucial factor for Russia's state budget.
Organizing committee leader Alexei Sorokin says they "can't do without" purchases from abroad but will try to replace imported goods with local production.
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Sorokin says the Russian government has "no big desire" to raise the budget to compensate, and "there's nothing left to be cut" from spending.The World Cup budget is 664 billion rubles ($16 billion).