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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