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F1 supremo Bernie Ecclestone has confirmed the Black Sea Resort of Sochi will host a new Russian Grand Prix between 2014 and 2020.
Already scheduled to host the Winter Olympics in 2014, Sochi is set to become a hub for international sports tourism during the next decade.
The deal will cost Russia a reported Ј25 million annually, with an option to extend the contract by a further five years if proved successful.
Ecclestone has been trying since at least 1982 to take F1 to Russia, with plans to stage the event in Moscow and St Petersburg falling through.