Transcript of the beginning of the meeting:

Vladimir Putin: Mr Kozak, you have found another sponsor today, if I am not mistaken?

Dmitry Kozak: Yes. Aeroflot has signed a sponsorship contract with the Olympic Organising Committee. We have collected $750 million for now. We are sure Games organisation will not require any budget money.

The Organising Committee decided today to renounce all subsidies earmarked in the federal budget for 2009-2010 as sponsors are funding Committee work and all organisation measures entirely.

Though business people are getting through hard times, many tycoons are competing for Olympic Organising Committee sponsorship. Six companies have made contracts with the Committee, and another two tenders are ahead. We hope to receive sizeable investments and expect them to suffice for the Olympics, so that we would not need taxpayers' money.

Vladimir Putin: You mean tenders for Olympic project investment?

Dmitry Kozak: Yes.

Vladimir Putin: Why do they need it?

Dmitry Kozak: Business people gain with such investment-it grants them exclusive rights of advertising and certain services, so they find Olympic investment lucrative.

Vladimir Putin: How is Olympic construction going?

Dmitry Kozak: To prepare the Olympic infrastructure and implement the programme of developing Sochi as a health resort are the most topical goals for today. Relevant works are going strictly on schedule.

Works are underway on 166 projects out of total 235. The deadline is far off, and we do not make designers and builders hurry-if they are too quick, new facilities will stand idle till the Olympics, and money will be wasted. 41 projects are under construction, employing 10,000.

We have no big problems. Project allocations base on average construction costs, and suffice to resettle people from more than 800 houses that will be pulled down to clear Olympic sites. 80% of tenants and house owners prefer resettlement to monetary compensation.

The schedules of housing and Olympic construction are synchronised, so people will receive new comfortable accommodations as soon as they have to move out.

Environment is our greatest concern. The agreements we have signed with all the more than 60 contractors set exclusive environmental standards during construction and after its completion.

Vladimir Putin: Have you coordinated the combination of ski races and biathlon with the International Olympic Committee?

Dmitry Kozak: We have coordinated it only with the International Olympic Winter Sports Federation for today. Talks are appointed for tomorrow. I do not think the International Olympic Committee will have any objections now that the International Winter Sports Federation has arranged everything to use the same runs for ski races and biathlon. With scheduling the events properly, we do not need a separate biathlon site. We are thus saving large sums on construction and easing the burden on the Sochi National Park.

Vladimir Putin: How do you assess savings?

Dmitry Kozak: 20.5 billion roubles.

Vladimir Putin: Good.