(CNN) -- Russia will host a Formula One race for the first time in 2014, its Prime Minister Vladimir Putin announced on Thursday.
A seven-year deal has been agreed to host the race at the Black Sea resort of Sochi, running through to the 2020 season. The city will also host the 2014 Winter Olympics.
"We have reached an agreement with the principal owner of Formula One that Sochi would host the Russian Grand Prix from 2014 to 2020," former President Putin told Russian business leaders, as quoted by state news agency RIA Novosti.
Formula One surpremo Bernie Ecclestone also confirmed Russia's imminent introduction to the elite motorsport category's calendar.
"I am very happy that Formula One will take place in Russia," he told the UK Press Association.
CNN
