Bernie Ecclestone's dream of an F1 event on Russian soil appears to have become reality after the Russian prime minister Vladimir Putin revealed that a seven-year deal has been agreed for a race in Sochi.
Ecclestone said back in July that Russia and South Africa were priorities when it came to future F1 events, with the Eastern European country having taken a greater interest in the sport following Vitaly Petrov's graduation to a race seat with Renault.
Moscow had been mooted as a possible home for a Russian race, but Putin has now revealed to Reuters
that the event will instead take place at the Black Sea resort of Sochi.
The first event is due to take place in Sochi in 2014, although that could be delayed due to the fact that that Winter Olympics is being held in the same venue later that year.
“We have reached an agreement with the principal owner of Formula One,” Putin was quoted as telling Russian business leaders, whilst Formula One Management (FOM) chief executive Ecclestone told the BBC>: “It can be a super circuit; it's all the things we need, and we are very happy.”
Russia would become the latest addition to the F1 schedule in recent years with the likes of Singapore and Abu Dhabi having joined the calendar, with Korea hosting its first race next weekend and India set to follow suit in 2011.