Sochi agreed in October 2010 a $40 million (£25 million/€31 million) deal with Formula One to host a race, starting in 2014 next to the Olympic Park, which is currently under construction.

"After the Olympics, in November, the Formula One will be held," said Anatoliy Pakhomov.

"The circuit's construction is being closely monitored by the regional Government.

"Everything is going according to schedule."

It means that the race in Sochi will be one of the last races of the season when the race for the drivers' championship will be nearing a climax.

The provisional 2014 schedule is expected to be announced after the end of this season. 

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