$30bn (€23bn) has been stolen in advance of next year’s Winter Olympics, in Russia, according to Russia’s opposition leader.

Russian businessmen and officials close to President Vladimir Putin have stolen the money, intended for the preparation for the games, according to a report released by opposition leaders Boris Nemtsov and Leonid Martynyuk.

"In preparing for the Olympics $25 to $30 billion was stolen," Nemstov told reporters. He also said the games are “a monstrous scam” likely to cost approximately $50bn.
 
In 2007 the final cost of hosting the games was estimated at $12bn. This was revised to $51bn six years later. The London Olympics cost $14.3bn, while Sochi will be the most expensive games – either winter or summer – ever held.

The report claims a lack of competition has allowed expenses to sky rocket, as those close to the country’s leaders were awarded huge contracts.

"The expenses for the Winter Olympics in Sochi turned out to be more than all expenses for all the sports structures at the previous 21 Winter Olympics put together,” the report states.

Reuters reports another Putin critic has written that, “Only oligarchs and companies close to Putin” got rich and "(T)he absence of fair competition, cronyism... have led to a sharp increase in the costs and to the poor quality of the work to prepare for the Games."

The Assoicated Press reports that IOC spokesman Mark Adams believes Russia is taking the allegations of corruption seriously, although he claims the IOC see no issue with the budgets.

Mr Adams said "For us, the IOC, the budget is normal, we don't see any issues there at all," and he felt Moscow was addressing the issue "pretty much head-on from the president down."