 Since 2008, as part of the structural reform of rail transport, with separation of the services infrastructure of transportation activity and the emergence of a competitive environment, Russian Railways has been transformed into a vertically oriented holding company.In 2009, the investment budget was 262.8 billion rubles (excluding VAT), of which 47.4 billion for projects related to the preparation and staging of the Olympic Games in Sochi; 58.7 billion for the renovation of the rolling stock (including supply of Sapsan [Peregrine] trains).In 2010, Federal Passenger Company was established as a fully owned subsidiary of Russian Railways, providing long-distance passenger services both in Russia and abroad.