The Royal family of the UK will set to rent parkland close to Kensington Palace in London to the Russian Olympic Committee during Olympic Games 2012. This measures are intended to help to improve the Household’s budget, according to The Daily Telegraph.

      The rented lawn will become a place for "The Festival of Russian Culture". There will be big tents, bar, stage and places for picnic on the territory. The festival's events are expected to attract high ranking Russian officials, businessmen and celebrities.

      The deal is controlled by the Keeper of the Privy Purse, Sir Alan Reid personally. The contract between the Royal family and the Russian Olympic committee reportedly provides for a deposit of £250,000 that will not be returned if the Russians breach the rules which “affect or damage the reputation, image or standing… of the Royal family”.

      Securing the royal address will be a coup for Russia, as visiting nations vie to host the most lavish corporate entertainment during the Games. The land is close to the Russian embassy but 11 miles from the Olympic site in east London. 

Sources: inoSMI.ru The Telegraph