Your trusted source

According to the Russian Ministry of Economic Development, foreigners will spend over 100 bln rubles (about $1.6 bln) during the upcoming FIFA World Cup, Russian Minister of Economic Development Maxim Oreshkin said during an interview to the Sovetsky Sport newspaper, Tass reported.

"According to our estimates, foreigners will spend over 100 bln rubles during the World Cup in Russia," he said.

Speaking about the economic effect of holding the 2018 FIFA World Cup in Russia, Oreshkin noted that at the national level, it would make little impact on GDP. "Thankfully, our country’s GDP is high - 100 trillion rubles (about $1.6 trn). Hundreds of billions in investments are within the margin of a few tenths of a percent. On the other hand, for some cities and regions, the effect caused by a growing demand due to the tourists’ arrival can be measured by dozens of percents. It’s impossible to compare the scale of Moscow and, for example, Saransk," he explained.