Moscow - The rouble's deprecation against the dollar and euro is causing havoc with Russia's financing of the 2014 Winter Olympic Games in Sochi due to the increased cost of importing raw materials.

A large percentage of the building materials and equipment needed to prepare the Black Sea resort for the Olympics need to be sourced from abroad, Thursday's Nezavisimaya Gazeta newspaper reported, citing the Olympic construction company Olimpstroj.

The Moscow daily said that the State now had to bear many of the high costs brought about by the rouble's 40-per-cent depreciation against other major currencies because so many Russian oligarchs were suffering in the global economic crisis.

The International Olympic Committee warned Russia late last year that it needed to speed up construction in Sochi as, with only five years to go until the Games, work has yet to begin on most venues, transport and accommodation projects.

One advantage of the economic slowdown is that building costs have dropped by a third although experts don't believe this will have a huge effect on the overall budget.

Despite the financial worries and a first budget deficit in a decade, Russia is still looking to host the 2018 World Cup. (dpa)