By Duncan Mackay

Sochi ski jumpingDecember 26 - The Upper House of Russia's Parliament has officially passed a bill calling for fines of up to one million rubles (£19,000/$30,000/€24,000) for anyone illegally selling tickets to the 2014 Winter Olympics and Paralympics in Sochi.

The Bill, passed by the Federation Council, now needs to be signed into law by President Vladimir Putin.

For individuals selling tickets on the black market, the fine would be five to 10 times the ticket's face value, but penalties will be heavier for ticket touting done as a business.

"We as Olympic organisers have an obligation under our contract with the International Olympic Committee to prevent speculative price hikes for hotels and Olympic tickets," said Alexander Zhukov, President of the Russian Olympic Committee.

The new Bill would additionally allow the Government to regulate prices for tickets and hotel services in the Krasnodar Region from September 2013 till July 2014.

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