MOSCOW, July 5 (Xinhua) -- Top Russian official hails Thursday the Russian city of Sochi in Krasnadar province for winning the right to host the 2014 Winter Olympics.

    The victory of Sochi's Olympic bid proves Russia's growing power, Russian President Vladimir Putin told reporters Thursday.

    "Undoubtedly, this is the recognition of Russia's achievements in sport and beyond doubt, an act of appreciation of this country. This was the recognition of Russia's growing possibilities, above all, in the economic sector and settlement of social tasks. That means doubtless support from an authoritative and independent international organization - the International Olympic Committee (IOC)," Putin was quoted by the Itar-Tass news agency as saying at the airport here, upon arrival from Guatemala city.

    "The preparation and organization of the Olympic Games in Sochi will give a powerful impetus to the development of Russia's south. I am absolutely confident that we shall hold the Olympic Games on the highest level," he said.

    "The Olympic games are an event that rallies all Russian citizens regardless of their political leaning, age, etc.," Russian first deputy premier Dmitry Medvedev said.

    "Today is one of the happiest days in the current history of Russia" Medvedev said, "when the IOC decision was announced I felt a burst of joy and pride I did not experience for quite some time... I am overjoyed at this victory despite difficulties," he said, adding that Sochi was excellently represented at the IOC meeting. "Our president made a brilliant speech," he added.

    Russia's winning the right to host the Olympics means world recognition of its role and importance, Mikhail Margelov, chairman of International Committee of the Federation Council -- upper house of parliament, said.

    "Winning the competition means world recognition of a country's prosperity and stability, and its ability to organize major projects," Margelov said. "Our team in Guatemala led by the Russian president had a great deal to say in Sochi's favor," he said.

    Russian Deputy Justice Minister Alu Alkhanov said Russia will ensure the highest security level during the 2014 Winter Olympic Games in Sochi in 2014.

    "Justice Ministry is ready to provide the necessary help for accelerated passing and coordination of legal and other normative documents, introduction of amendments to the legislation that are directly in the competence of our ministry," Alkhanov said.

    "I'm proud and happy that Russia has for the first time in history obtained the right to host the (Winter) Olympic Games and believe that it is the victory of all Russians," Alkhanov said.

    The 2014 Winter Olympic Games will start posting a return in 10 years, Economic Development and Trade Minister German Gref said.

    "Financial gains from the 2014 Olympics have not been assessed yet, but the Games are expected to pay back in 10 years," Gref was quoted as saying by the Interfax news agency in Guatemala City.

    Taxes to be collected in the coming 10 years are likely to exceed 300 billion rubles (11.7 billion U.S. dollars). Besides taxes, the country will earn money from broadcasting and other rights involved, he said.

    The Russian city of Sochi in Krasnadar province, has won the rights to host the 2014 Winter Olympics at the 119th International Olympic Committee's assembly, which formally began in Guatemala city on Wednesday.

    The city is between the snow-capped Caucasus Mountains and the Black Sea, with an estimated population of 400,000 people.

    It will be the first time for Russia to host the Winter Olympic Games, although it has hosted the Summer Games in 1980.

    The 2014 Winter Olympics will run from Feb. 7 to 23.