Bernie Ecclestone is in Russia on Thursday for a ceremonial signing of a seven year formula one race contract.

Bernie Ecclestone is in Russia on Thursday for a ceremonial signing of a seven year formula one race contract.

Earlier, it emerged that Russian president Vladimir Putin has travelled to the resort city Sochi to approve the plans for a $200m circuit and to sign F1 chief executive Ecclestone's race promotion contract.

But the state owned Ria Novosti news agency, and the Vedomosti business daily, said 79-year-old Briton Ecclestone is also in Sochi for the signing.

Officials of the local Krasnodar Krai authorities confirmed the reports.

The inaugural race is slated for 2014.

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