Russian deputy prime minister, Dmitry Kozak, has revealed that the budget for hosting the 2014 Winter Olympics in the resort city of Sochi has been reduced by 15 per cent.

According to the Interfax news agency, Kozak said that as much as 300bn rubles (US$8.3bn, £5.8bn, 6.6bn euro) could be saved after it was found that the estimated costs for the construction schemes had been over-exaggerated. Kozak revealed to the news agency that in one case, the cost of four new venues had been overstated by 7.5bn (US$206m, £145m, 165m euro).

The 22nd Olympic Winter Games are to be held in Sochi between 7 and 23 February 2014, with the Paralympic Winter Games held between 7 and 16 March 2014. Sochi was awarded the 2014 Games by the International Olympic Committee in July 2007, defeating Salzburg, Austria, and Pyeongchang, South Korea.