Construction of the Water Sports Palace for the 2023 Summer World University Games in Yekaterinburg is expected to cost RUB10 billion (£102 million/$135 million/€114 million).
A construction contract for the sports facility, which will cover an area of more than 60,000 square metres, has been signed between Sinara - the general contractor - and construction firm Atomstroykompleks.
"Construction work must be fully completed no later than December 30 2021 (the indicated date is approximate and will be altered by the parties signing in addition to the contract)," read the contract, per Russia's state-run news agency TASS.
"The contract price is 9.999 billion rubles."
The Water Sports Palace will be built in Yekaterinburg in the area of the University Games Athletes' Village, next to the International Exhibition Centre.
The decision to hold the Summer University Games in Yekaterinburg in Russia was made on July 2 last year by the Executive Committee of the International Sports University Federation.
Russia previously hosted the Games in Kazan in 2013.
Moscow also held the Games 1973 when it was part of the Soviet Union, while Krasnoyarsk hosted the Winter University Games in 2019.