Reuters is reporting that the 2014 Winter Olympics will be held in Russia's Black Sea resort of Sochi. This is considered to be a major feather in the cap of Russian President Vladimir Putin.

The fact that Russia was chosen shows that the nation has made major strides since the fall of Communism. There are many that believe that this is a sign that Russia has once again become a major world  power.

Russia has had a growing economy ever since Putin took office. He has done a lot to spread the wealth in the country, and to revitalize many of the areas that had fallen into disrepair over the years. There are many in Russia that consider the Olympic announcement to be a sign that Russia will continue to prosper.

There are many nations that are critical of this decision. In recent weeks, Russia has sold military weapons to Venezuela. A country that is at odds with much of the world. Putin has gone nose to nose with the United States and the UN over a proposed missile defense system that may be placed in Western Europe.

Wednesday, Russia announced that it would place missiles in Kaliningrad if the missile system went forward without input from Russia. The nation also announced that these missiles may end up being pointed at major targets in Europe in the future.

While Russia sees this as a major victory for them, many other nations believe that this is a defeat for Europe as a whole. They believe that Putin has shown more signs of being a dictator then a world leader.

The United Nations is currently at odds with Russia for Putin's claim that the Arctic belongs to Russia. Putin claims that there is an underwater shelf that connects the frigid landmass with Siberia. The United Nations believes that no one should be able to lay claim to the Arctic. Russia may just be trying to acquire the large amount of oil, gas, and diamonds that are present there. There has not been much discussion about this issue in the last week since Putin has been focused on his issues with President Bush.