MOSCOW, September 12 (RIA Novosti) - The pro-Kremlin United Russia party has introduced a draft law on the 2014 Winter Olympics preparations in Sochi, a resort city on Russia's Black Sea, the economic policy department said Wednesday.

The so called Olympic draft law outlines legislative changes required for establishing an Olympic state corporation to manage the construction of infrastructure and sports facilities in Sochi, which will be headed by the head of Russian oil pipeline monopoly, Transneft [RTS: TRNF], Semyon Vainshtok.

The draft law also specifies Russia's obligations to the International Olympic Committee (IOC) on tax and customs duties, intellectual property, and entry procedures to Russia for Olympic delegations and foreign nationals involved in the event.

Once the Olympic law has been approved then land identified for construction of Olympic facilities will be valued at market prices and their owners offered monetary compensation, alternative plots of land or new housing.

Sochi won a bid to host the 2014 Winter Olympic Games in early July after a close race with South Korea's Pyeongchang and Austria's Salzburg.