The undertaking was made to the International Olympic Committee's (IOC) Coordination Commission, headed by Jean-Claude Killy, during a tele-conference call.

Putin said: "In 2010, 29.7 billion rubles (£662 million/$1 billion) will be allocated from the federal budget, while 29.1 billion rubles (£648 million/$1 billion)  will come from private sources."

Most of the facilities needed to host the Games are being built from scratch along with major infrastructure improvements at a total cost of 195.3 billion rubles (£4.3 billion/$6.7 billion).

Putin said: "On the whole, the work is progressing on schedule.

"We are discharging the planned financial resources in full and there are no delays."

The Coordination Commission is making its third visit to Sochi since Russia was awarded the Winter Olympics for the first time by the IOC at its Session in Guatemala City in 2007.

But it is its first since the end of the Vancouver Olympics and the flag was handed over to Sochi.

Killy said the "progress is very significant" after a tour of the facilities.

Bernhard Russi, the vice-chairman of the FIS Alpine Executive Board, who is visiting Sochi along with the Coordination Commission, was even more enthusiastic about the progress Sochi has made, particularly on developments at Rosa Khutor (pictured) - the skiing venue, which will host the FIS European Cup next February as its first test event, three winter seasons ahead of the 2014 Games.

He said: "Competitions can already be staged in Rosa Khutor tomorrow, if necessary. 

"I am very satisfied with the results.

"Once work is completed on the artificial snow system and safety nets are installed, Rosa Khutor will be fully ready for training and competitions in all ski events."

Atle Skaardal,the  FIS chief race director for the women's World Cup, said: "A lot of progress has been made and I have absolute confidence that the remaining work on the tracks and artificial snow system will be implemented in time and that Rosa Khutor will host major international events.

"We plan to return here soon to settle all the final formalities necessary to stage the European Cup in February 2011."

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