( 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 . `` I hope that Formula One will contribute to the development of Sochi which can be seen here . '' Russian motorsport commentator Alexei Popov has hailed hosting a grand prix as one of the biggest events in sport . `` Such an ambitious project became possible only due to the political will of high-profile officials , '' he told business newspaper Vedomosti . `` After the Olympic Games and the World Cup , this is the most spectacular sports event . '' The sport has been keen to expand into new regions in recent years , with Korea making its F1 debut later this month and India being added to the racing calendar for the 2011 season . The new race could lead to the creation of Russia 's first F1 team , according to Igor Yermilin of the Russian Motor Racing Federation . `` The signing of the agreement to stage a Grand Prix in Sochi will help put a Russian team in F1 , '' he told RIA Novosti . Vitaly Petrov this year became the first Russian to drive in F1 after securing a race seat with the Renault team . The 26-year-old , who signed a one-year deal with the option of two more , is 13th in the drivers ' standings on 19 points -- 95 behind Polish teammate Robert Kubica .
Sochi to host its first Vitaly Petrov race in Sochi starting in 2014 . A seven-year deal has been agreed , taking the race through the 2020 season . Russian Grand Prix could lead to the country 's first -ever Formula One team . Formula One this year became the first Polish to compete in an F1 race , with Formula One .