Fears of corruption were high when Russia was awarded the Games back in 2007, but Sergei Stepashin insisted Tuesday that no-one has been getting rich from the estimated $30 billion poured into the project.
"The Olympics are pretty expensive, this we know," he said. "But the sports facilities cost about the same as in Europe. We conduct quarterly checks. ... It's practically impossible to simply steal just like that, I give you my honest word."
"Rises in expenses are linked with infrastructure."
More than 70 percent of the facilities needed for the Games are complete with just over a year until the opening ceremony.
Russia has been building everything from scratch in a gargantuan two-cluster project that has been called the biggest construction effort in the world.
In 2010 then-President Dmitry Medvedev ordered the Prosecutor General's Offices to investigate alleged kickbacks paid to Kremlin officials for the restoration of Sochi hotels.