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2018 World Cup stadiums construction unaffected by ruble’s volatility — sports minister

December 26, 2014, 14:38 UTC+3 MOSCOW

The total budget of $20.5 billion based on the 2012 average exchange rate has dropped to $13.04 billion with the current exchange rate

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© Kristina Kormilitsyna/TASS

MOSCOW, December 26. /TASS/. Russia’s construction costs for football stadiums, which will be hosting matches of the 2018 FIFA World Cup, remain unaffected so far by the national currency exchange rate volatility, Russian Sports Minister Vitaly Mutko said on Friday.

Mutko participated on Friday in the 4th session of the Executive Council of the Russia-2018 organizing committee, in charge of preparations for the 2018 FIFA World Cup to be hosted by Russia.

“As of now the construction costs of the stadiums remain unchanged despite volatility in ruble’s exchange rate,” Mutko said.

Russia’s ruble has slumped over the past few months to a record low of 75 rubles to the dollar in mid-December, compared to an average of 38 rubles in September, but rebounded to 53.23 by late December. The Russian currency traded at 33 rubles to the dollar at the start of 2014.

The total budget of 664.1 billion rubles for the organization of the 2018 FIFA World Cup in Russia was announced in 2012. This figure stood at $20.5 billion based on the 2012 average exchange rate. If converted to the current exchange rate this figure drops to $13.04 billion.

Russian President Vladimir Putin said in August that the number of 12 stadiums in a total of 11 cities selected to host the World Cup would not be changed. The Russian president said, however, that in terms of financial spending on the World Cup preparations for Russia would be an “uneasy story,” but manageable.

Russia won the bid to host the 2018 World Cup four years ago in a tight race against the joint bid from England, Portugal and Spain and the joint bid on behalf of Belgium and the Netherlands.

Russia selected 11 host cities to be the venues for the matches of the 2018 World Cup and they are Moscow, St. Petersburg, Sochi, Kazan, Saransk, Kaliningrad, Volgograd, Rostov-on-Don, Nizhny Novgorod, Yekaterinburg and Samara.

The matches of the 2018 World Cup will be held at 12 stadiums located in the 11 mentioned above cities across Russia. Two of the stadiums are located in the Russian capital.

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