The 50 billion dollars cost of staging the Sochi 2014 Olympic Winter Games was not inflated by corruption, Russia's deputy prime minister Dmitry Kozak said on Saturday.

The money was spent on a "large-scale investment project" in the area and the budget had been subject to strict controls, he told a press conference at the Main Press Centre.

"I have already mentioned before, all that investment was to modernise the city," Kozak said.

"We said before Guatemala (the 119th International Olympic Committee session in 2007, when Sochi was awarded the 2014 Games) that our objective was to create a world-class, all-year-round resort, and most of the money was spent on the infrastructure.

"Huge amounts of money were allocated to modernise the city. We had tough control over this budget money and funds and, according to the results of the investigations and control, we didn't find any major events of corruption."

Kozak promised that if any corruption was uncovered, the guilty would be punished.

"We ask everyone who stated that (there was corruption) to please provide specific facts and specific information about this corruption," he said.

"We'll carry out profound, thorough investigations and if it is proven that there was a case of corruption, the culprits will be punished. But so far we don't have these facts. There are no core decisions about specific cases of corruption."