The Russian Grand Prix is set to remain on the Formula 1 calendar for the best part of the next decade.

It was reported recently that Sochi race organisers have secured enough private sponsorship to pay the annual fee without any public funds.

Now, it emerges that the state-linked Russian finance group VTB has secured the naming sponsorship rights to the grand prix.

Deputy Russian prime minister Dmitry Kozak told Tass news agency: "Negotiations were conducted and the contract for the Formula 1 race in Russia was extended until 2025."

This year's iteration of the race will be held on April 30.