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Russia Adamant It Will Host 2018 World Cup Despite Uneasy Financial Situation

Russian Football Union President Nikolay Tolstykh said that Russia "considers no plans to give up the 2018 FIFA World Cup, despite an easy financial situation in the country caused by the ruble's slump," according to ITAR-TASS. Tolstykh: "The issue of Russia’s refusing to host the World Cup is out of the question." Russia's ruble exchange rate has "slumped over the past few weeks to hit a record low of 75 rubles to the dollar on Tuesday." The total budget of 664.1B rubles ($10.9B) for the organization of the 2018 FIFA World Cup in Russia was announced in '12. This figure stood at $20.5B based on the '12 "average exchange rate." If "converted to the current exchange rate" this figure drops to $9.1B. Russian President Vladimir Putin said in August that the "number of 12 stadiums in a total of 11 cities selected to host the World Cup would not be changed." Putin said, however, that in terms of "financial spending on the World Cup preparations for Russia would be an 'uneasy story,' but manageable" (ITAR-TASS, 12/16).

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