Russia offers cash incentives for London medalists

The Russian government has announced cash incentives for those athletes who win medals at the 2012 Olympic Games in London this summer, local media reported on Tuesday.

Reports said that an Olympic gold medal winner would receive four million roubles in rewards (around 100,000 euros).

Silver medalists will get 2.5 million roubles (63,000 euros), while bronze medal winners will pocket a 1.7-million-rouble prize purse (43,000 euros).

The sums of prize cash remained unchanged since the 2008 Beijing Games.

The government regulation also said that the size of the cash bonus for the medal winners' coaches would be decided later jointly by the country's Sports Ministry, Russia's Olympic Committee and Ministry of Finance.

In addition to the government's prize cash, the country's best athletes will also receive cash bonuses from the local authorities and sponsors.

For instance, the Saint Petersburg administration has already announced one-million-roubles (25,000 euros) prizes for the local 2012 Olympics gold medalists.