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Russia announces bonuses for Sochi Olympic medalists

Sochi Olympic medals

An employee works on a bronze medal for the 2014 Winter Olympic Games in Sochi, at the Adamas jewellery factory in Moscow on July 25, 2013. The factory is the official medal supplier of the 2014 Winter Olympic and Paralympic Games in Sochi. AFP PHOTO/KIRILL KUDRYAVTSEV (Photo credit should read KIRILL KUDRYAVTSEV/AFP/Getty Images)

AFP/Getty Images

Russians who win gold medals at the Sochi Olympics will also win prize money.

The Russian government announced the bonuses for medals on Saturday, according to R-Sport. Gold medalists will receive about $122,000, silver medalists will receive $76,000, and bronze medalists will get $46,000, according to The Associated Press.

Russian officials hope their nation will finish in the top three in the medal standings. It will have tough competition from winter sports powers Norway, Germany, the U.S. and Canada, which are expected to dominate the medal table in Sochi.

In 2010, Russia was sixth in the overall medal standings with 15 and 11th in gold medals with three, a disappointing finish on both accounts.

Russia’s medal winners in 2010 received $100,000 (gold), $60,000 (silver) and $40,000 (bronze). Gold medalists also received cars.

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