“No friendship can grant you access to Olympics projects, which are very difficult to get because they’re hard to implement and aren’t as profitable as many other construction contracts,” Peskov said by phone on March 15.

Gazprom Pipelines

Rotenberg gained his fortune by selling pipes and building pipelines for state-run OAO Gazprom, the world’s largest gas producer. Stroygazmontazh, which Rotenberg owns with his brother Boris, built a gas link to boost supplies to Sochi for 32.6 billion rubles, five times more than first budgeted, according to Olympstroy and government data.

The Rotenberg brothers are now worth $2.97 billion each, more than all but 35 Russians, Moscow-based CEO magazine estimated last month. That’s up from $1.75 billion each in 2011.

The controlling stake in Mostotrest that the Rotenbergs held via their 68.5 percent interest in Cyprus-based Marc O’Polo Investments Ltd. declined to 38.6 percent after the IPO, according to the company.

Mostotrest “somewhat disappoints investors with its annual performance forecasts,” said Elena Sakhnova of Moscow-based VTB Capital. Even so, Sakhnova is one of 12 analysts with a “buy” rating on the company’s stock, according to data compiled by Bloomberg. “Mostotrest gets very good contracts, not without Rotenberg’s help,” she said.

Mostotrest shares gained 0.7 percent to 137.71 rubles at 11:39 a.m. in Moscow, the fourth-biggest increase on the benchmark ruble-denominated Micex Index.

The largest single Olympic contract for the $8.3 billion rail-highway link went to state-run Russian Railways, which then hired Mostotrest and a company now part-owned by Putin ally Timchenko, SK MOST, among other contractors. Russian Railways’ pension fund owns 25 percent of Mostotrest.

Putin, 60, has fought to host global events to raise Russia’s international profile and boost growth through state and privately funded infrastructure projects, including last year’s Asia-Pacific Economic Cooperation summit in Vladivostok.

The Audit Chamber, Russia’s budget watchdog, last November said it found that about $490 million of the $20 billion Russia allocated for the APEC summit was “improperly spent.” About $506 million has been misspent in Sochi thus far, the watchdog said this month, declining to be more specific.