Vladimir Putin looks set to give the green light to a Russian GP Russian Prime Minister Vladimir Putin is rumoured to be set to sign a contract for a Russian Grand Prix to be hosted in the resort city of Sochi.

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]

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Richard Bailey

Founder & Chief Editor at MotorsportM8
Hasn't missed a Grand Prix since 1989. Has a soft spot for Minardi. Tattooed with 35+ Grand Prix circuits.