Speaking English, Putin announced "Dear friends, ladies and gentlemen! I declare the 126th IOC session open."
During his opening remarks, Putin noted that the IOC had trusted Russia's strength and resolve to be prepared to host the Winter Games, despite having just 10-15 percent of the infrastructure in place at the time Russia was selected to host.
Putin arrived earlier Tuesday in Sochi, where he will remain in the lead up to Friday's opening Winter Olympics ceremony. He will meet with Russian Olympic Committee members and Russian Olympians on Wednesday, and with foreign dignitaries on Thursday. The Kremlin announced that Putin will host a reception for foreign dignitaries in advance of Friday's opening ceremony.