According to a report by Bloomberg, Russia has signed a deal to host Grand Prix races from 2014. It’s not officially confirmed yet, but Formula 1 chief Bernie Ecclestone has been photographed shaking hand and smiling with Russian Prime Minister Vladimir Putin, so it must be a done deal!

Russians have to act quickly now and start building needed facilities. They’ve picked Black Sea resort of Sochi, where they’re going to host 2014 Winter Olympics as well. One thing they have no worries about is sponsors, as there are big oil companies backing up this plan. There’s also lots of billionaires there who would love to promote their businesses using this opportunity. Russia already has a driver in F1, Vitaly Petrov.

Bernie Ecclestone: “I’m very happy not only to have Formula One in Russia, but now in Sochi I’m delighted to see all the facilities you’ve built for the Olympics. I sincerely hope that Formula One is going to play a big part in what I can see happening in Sochi.”