Putin’s Billionaire Olympics

In August, Russian President Vladimir Putin flew to the Black Sea resort of Sochi, where his country is spending a record $48 billion on the 2014 Winter Olympics. A regular visitor, with a residence in town, Putin watched mixed-martial arts contests at Oblaka nightclub with Russian Prime Minister Dmitry Medvedev and Kazakh President Nursultan Nazarbayev. After the first fight, the leaders suddenly were plunged into darkness for almost three minutes, giving them a taste of the blackouts that have plagued Sochi for years. Putin, poker faced when the power returned, strode into the ring to congratulate the fighters as the tournament concluded. “Here in Russia, we have always valued and respected men who know how to stand firm to the last,” he said. Putin is bracing for a fight of his own in the mad rush to the Feb. 7 opening ceremony.