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Published in Stream:
Ukraine Liveblog Day 224
Press by
The Interpreter
@Interpreter_Mag
Russian-to-English translation journal, with original analysis and commentary on Russia's foreign & domestic policy.
Interpreter_Mag
Putin Ally Timchenko, Sanctioned for Crimea, Gets More Money To Build World Cup Stadiums
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Long-time Putin ally Russian billionaire Gennady Timchenko had threatened to stop plans to construct two stadiums for the 2018 FIFA World Cup unless the Russian government agreed to increase the price tag for the project. However, with budget increase in hand, Timchenko's company announced today that it will move ahead with the project. The Moscow Times reports:

Timchenko, a billionaire and reputed close ally of President Vladimir Putin, told state news agency TASS in August that his company would refuse to build the stadiums in Nizhny Novgorod and Volgograd unless the state raised its cost estimates from 15 billion rubles ($380 million) to at least 17 billion rubles ($430 million).

The final budget for the Volgograd stadium was raised to 16.4 billion rubles ($415 million), while the Nizhny Novgorod stadium will receive slightly more than 17 billion rubles, the company spokesman said.

Timchenko, who was sanctioned by the US after the Russian annexation of Crimea, is in position to make a handsome profit from an international event which, as of this moment, the United States and Europe has no plan to boycott.

In other Timchenko-related news, the oil company Gunvor, whom Timchenko use to own a controlling share of (he sold his shares the night before the sanctions announcement) is reporting high profits since few companies have changed their business dealings with them due to Timchenko's exit from the company.