Russia announced Friday that it plans up to 54 Bombardier high speed trains valued at up to $770 million so part of its preparations for the 2014 Winter Olympics to be based in Kochi, on the Black Sea.

First Vice President Fyodor Andreyev told a news conference that the trains should be delivered by 2013. Reuters suggested that purchase of a fleet of modem trains from a foreign supplier would underline Russia's desire to host "a showcase international event."

Russian Railways said the cost of the trains world not come from the $12 billion Russia has set aside for the Olympics event, suggesting that financing might come instead from a syndicate of lenders.

Russia has already placed orders for eight Siemens (Germany) high speed trains costing $400 million, and eight Alstom (France) trains valued at $180 million.