Moscow: Russian President Dmitry Medvedev Tuesday named a new deputy premier to oversee the country's preparations for the 2014 Winter Olympics in the Black Sea resort of Sochi.

Regional Development Minister Dmitry Kozak was promoted to deputy prime minister for the job.

Kozak warned last week that the financial crisis pushed Russian shares to their lowest point since the national default in 1998 and could force the state to fork up more cash for constructing Games venues.

"It could have an impact. It all depends on the financial well-being of the investors we have attracted," he was quoted by Interfax news agency as saying.

Medvedev announced the new government post after meeting Prime Minister Vladimir Putin and the International Olympic Committee (IOC).

Putin personally lobbied for Russia's first win to host the 2014 games. The government has budgeted $7 million (5.15 million euros) plus an additional $5 million from private investors to build infrastructure and facilities.

Speaking at an earlier televised meeting with the country's sports bodies, Medvedev underscored the prestige of the Olympics and sporting successes to Russia's national image.

No investors have yet pulled out from participation, Kozak said last week.

Source : IANS