Date: 19th July 2012 at 9:25am
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Russia are set to host their first ever Formula One race in 2014 and a brand new purpose built track is currently under construction in Sochi.

Sochi is Russia’s largest resort, with a population of around 400,000 on the coast of the Black Sea.

An awful lot of development is currently going on in the region, with the Winter Olympics being hosted by Russia in 2014 and the Football World Cup coming to the region in 2018.

The Formula One track is receiving $200 million worth of funding after they secured a contract to host a Formula One race every year between 2014 and 2020.

Construction has begun on building the medical centre and pit buildings, while work on the foundations of the track is also ongoing and is reportedly all on schedule.

‘The Russian round of Formula 1 World Championship is destined to happen,’ Alexander Bogdanov, general director of ‘Formula Sochi’ told Autosport Magazine.

‘We are pleased to be here in Moscow, and to present our project at Moscow City Racing Road Show.

‘The Formula 1 Grand Prix will be a significant event for our country. I’m glad that I and my team have the honour to hold this event, we are ready to do it on the international level. ‘