Russia to spend $200 million on Formula 1 circuit

The Russian government will spend about $200 million to build the circuit that will host the country's first Formula 1 grand pix in 2014.

"The federal government has allocated 5.846 billion roubles ($195.4 million) for this project," Alaxander Ivanov, deputy governor of the Krasnodar region, was quoted as saying by Reuters.

Russia secured a seven-year deal to host a grand prix on a new track in Sochi, which is also hosting that year's Winter Olympics.