The ruble's depreciation against the dollar could cause budget issues for the hosting of the 2018 World Cup in Russia, according to a report from The Associated Press. The fall in the price of the ruble has increased the cost of purchasing construction materials from abroad.
The fall in the price of the ruble has increased the cost of purchasing construction materials from abroad.
As of Sept. 1, the ruble had fallen to 37.2505 per dollar in Moscow. Compounding to the problem is the dip in oil prices in Russia and elsewhere. The budget for the World Cup is $16 billion, or 664 billion rubles, according to the AP.
Russia won hosting rights for the 2018 tournament over bids from Belgium, Spain, Portugal, the Netherlands and England. The cost of the 2014 Winter Olympics in Sochi, Russia, surged to $50 billion after an initial projection of $12 billion, according to CNN.
Alexey Sorokin, the CEO of the 2018 cup's organizing committee, said they "can't do without" imports.
- Chris Johnson