Green light for Russian Grand Prix in Moscow

Ecclestone travelled to Moscow to meet with mayor Yuri Luzhkov and progress the deal which should see Grand Prix Racing go behind the iron curtain. Speaking at a press conference in the Russian capital, the F1 supremo said that Russia will stage a race as soon as a suitable circuit has been built.

"We have eight venues seeking Formula One rights at the moment, but I believe that this is where the next event should be," said Ecclestone. "Formula 1 is a world championship and we regard Russia - and Moscow - as key venues."

A deal was struck last year with Arrows owner Tom Walkinshaw's TWR Group to build a track on Nagatino island and the plan recently got the all-clear from Moscow City Council. But because of the amount of work involved, it is not thought a race could be staged before 2003 at the earliest.

The purpose-built circuit will be constructed as part of a £70 million development close to the country's capital.

The last new Grand Prix venue was the Sepang circuit in Malaysia, built for the 1999 F1 season. New races in Beirut and Dubai have also been mooted in recent months.

Ecclestone also said that the Formula 1 calendar would not be expanded from 17 races to accommodate the Russian event, so an existing race will get the chop.

Among those that could be dropped from the calendar are Imola - its contract ran out last month - Hungary and Brazil. The latter, however, could be safe as the FIA is reluctant to ditch any fly-away races.

Silverstone has just struck a 15-year deal with Ecclestone, while the Nurburgring is spending £8m redesigning the circuit and grandstands. Malaysia and Indianapolis are state-of-the-art new additions to the calendar.

Organisers of this weekend's race at the A1-Ring in Austria are expected to announce on Sunday that its contract will be extended. Magny-Cours has a contract until 2005 to hold the French GP.