Russia to receive F1 from 2014

Although it will only happen in 2014, Russia has been confirmed as the latest addition to F1 calendar. The agreement sets a seven-year contract for the country to host the Grand Prix until 2020.

Reuters quoted Vladimir Putin saying “We have reached an agreement with the principal owner of Formula 1 that Sochi would host the Russian Grand Prix from 2014 to 2020”

"Finally, after decades of negotiations, we have come to an agreement to make it a reality," Putin added.

Sochi, located on the south west Black Sea coast of Russia, near the Georgian border, is set to host the Russian Grand Prix. This city will also be the host of the 2014 Winter Olympic Games.

The seven year deal was signed by the regional governor Alexander Tkachev and Bernie Ecclestone and is thought to be worth approximately $200 million.

This is Russia's second attempt to bring the Formula One World Championship to the country, after the plans for Moscow failed.