Up to  8.7 billion roubles (£18 million/$27 million/€21 million) will be provided to the Krasnodar region on the personal guarantee of local Governor Alexander Tkachev.

It will be used for the construction of both the circuit and other infrastructure essentials in order to bring the site up to Formula One standards.

The Hermann Tilke-designed circuit utilises roads being built to service the various sporting facilities in place for next year's Winter Olympics and Paralympics, but will require upgrading in order to stage a round of the World Championship in November.

Bernie Ecclestone, President and chief executive of Formula One Management and Formula One Administration, had claimed in February to be "super-impressed" by preparations during a visit to the circuit on the Black Sea resort.

But doubts continue to persist that it will not be ready in time.

Last month it was reported that, Formula Sochi, had gone bankrupt and circuit builder Omega, has taken over full responsibility for the race preparations.

"The Krasnodar region administration do not have the right for any kind of failure in this project as the country's prestige is at stake," said Sochi Mayor Anatoly Pakhomov

"In the event of any problems we would definitely receive all the required help from our neighbours and state."

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