The theoretical point of departure of this paper is that the perspective of political myth adds to the understanding of political developments in Russia. The upcoming Olympic Winter Games in Sochi in 2014 are discursively constructed as a manifestation of Russia's return to great power status. In official Russian discourse, there is an encounter between the Russian great power myth and the myth of Olympism, both of which are employed to strengthen the status of Russia and of President Putin personally. Thus, the Olympic values of humanism, internationalism, and progress are merged with Russian great power ideals. But there are also examples where the prevailing myths are turned around to criticise the regime and the Sochi Games. However, the most serious challenge to the Putin regime may stem from the great power myth itself, should the regime prove unable to deliver what it requires.