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More than 20 years after it was first mooted and provisional plans were drawn up, the Russian GP will become the latest new fixture on the F1 calendar when it debuts in mid-October 2014.
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Although Russia's capital, Moscow, and St Petersburg have previously been touted as potential venues for the event, the race will be held at the resort of Sochi on the Black Sea coast.
It promises to be an unforgettable year for Sochi with the city also hosting the Olympic Winter Games in February.
October's F1 race will be staged at the Hermann Tilke-designed Sochi International Street Circuit, a 3.6mile-long track which includes over a mile of public roads. It will consist of 16 corners, with 11 right-handed, and the race will be run in a clockwise direction.