Bloomberg’s news agency is reporting that an initial seven-year deal – commencing in 2014 – will see Formula 1 make its debut in the world’s largest nation on a purpose-built circuit sited at the host city for the 2014 Winter Olympic Games.
The terms of the agreement will see event organisers stump up a $40 million fee annually for hosting rights, which is a figure similar to that paid by event organisers for the Singapore and Abu Dhabi races.
Russian interest in Formula 1 has grown exponentially over the last year with Vitaly Petrov becoming Russia’s first full-time F1 driver. His participation has also seen other Russian companies, such as the LADA car-making firm and other organisation enter F1 in sponsorship capacities.
[Original image via Sulekha]