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The construction of the circuit that is set to host the inaugural Russian Grand Prix is on schedule, according to organisers, who have revealed images of the site.

Russia, which secured a seven-year deal to host a grand prix from the 2014 season, has allocated nearly $200 million to build the track in Sochi.

Organisers said the medical centre, the pit building and the pitlane are under active construction. Works on strengthening the soil and preparing the foundation for the track are also being carried out.

The construction is expected to be finalised in time for the Winter Olympics in 2014.

"The Russian round of Formula 1 World Championship is destined to happen," said Alexander Bogdanov, general director of 'Formula Sochi'. "We are pleased to be here in Moscow, and to present our project at Moscow City Racing Road Show.

"The Formula 1 Grand Prix will be a significant event for our country. I'm glad that I and my team have the honour to hold this event, we are ready to do it on the international level. "

Nicholai Buturlakin, deputy governor of the Krasnodar region, added: "Today in Russia we can see the rapid development of motor racing, and the Formula 1 project in Russia arouses great interest.

"We are confident that the circuit in Sochi will be a respectable addition to all the other prestigious sporting events as the Winter Olympics 2014 and the FIFA World Cup 2018, which will be held in our country."