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Russia will spend $2.5bn on preparation and hosting the 2018 FIFA World Cup, the head of Finance Ministry’s social budgeting said.

“We have $2.5bn to spend on hosting the World Cup in three years. Additional resources will be allocated for providing security during the 2018 FIFA World Cup,” Svetlana Gashkina said. She added that in 2017, Finance Ministry will spend $95 million and in 2018, $78 million for security.

The 2018 FIFA World Cup will be the 21st one in history. Russia will host the tournament for the first time.

Earlier, Swiss Appraisal reported that 2018 World Cup expenses will exceed incomes by 10 times.