Russia will join the Formula One grid from 2014 after a deal was announced by Russian Prime Minister Vladimir Putin.
“We have reached an agreement with the principal owner of Formula One,” Reuters report Putin as saying.
The race is set to take place in the city of Sochi, which is also hosting the 2014 Winter Olympic Games, therefore the Grand Prix could be postponed if it affects Olympic preparations.
The seven year deal was signed by the regional governor Alexander Tkachev and Bernie Ecclestone and is thought to be worth in the region of £125 million ($200m).
This is Russia’s second attempt at hosting an F1 race after plans in Moscow fell through.
“Finally, after decades of negotiations, we have come to an agreement to make it a reality,” Putin added.
Russia is the latest race to be confirmed on an ever-expanding calendar which will, for the first time, feature 20-races in 2011. thanks to the addition of India. Further races are set to expand it to 21 when Austin joins the next year.
