Russia is setting out to host its own Formula One Grand Prix as of the year 2001. Moscow Mayor, Yuri Luschkow, has started rolling a billion dollar project to build the international racing circuit in Russia's capital. The project will be financed by the Russian oil and gas industry.

Luschkow sporting advisor, Schamil Tarpischtschew, said the project is an "investment into the development of this city". Tarpischtschew is also a member of the International Olympic Committee and is believed to be aspiring further than just Formula One events: Moscow wants to host the 2012 Olympic Games.

Reported to Atlas F1 by Jan Nottmeier