Putin: Inflated Olympic pricing unacceptable

• Tweet

SOCHI, Russia, May 11 (UPI) -- Russian President Vladimir Putin said he will be on guard for inflated prices by contractors at sites for the 2014 Winter Olympics in Sochi.

Putin said at a meeting for official preparations for the Olympics he is "aware of the desire" of ... both ordering parties and subcontractors to increase the cost of Olympic sites ... at the final stage of construction," ITAR-Tass reported Friday.

Putin called the price increases unacceptable and said each instance will be addressed.

"If the investor or the subcontractor has formed the price of the facility independently, the risk of a higher price and additional expenses is shouldered [by] the relevant private organization," Putin said.

"We will not step aside from the generally recognized norms and rules of civil legal relations."