As revealed by Pitpass last month, Midland F1 will race as a Russian team under a Russian licence.

Announcing the decision, team owner, Alex Shnaider, who was born in Russia but subsequently emigrated to Canada, said: "As a Russian-born person, I am extremely pleased that the team founded by Midland Group will compete in the Formula One World Championship with a Russian identity. It has always been Midland's intention to enter F1 with a Russian license - an association which reflects this project's core targets and values - and I am very grateful to the RAF and Victor Kiryanov, President of the Federation, for their support.

"I believe that Midland Group's decision to enter its team under the Russian flag will push forward the development of Russia's motorsport and open new horizons for Russian racing drivers at the international level. MF1 Racing will make every effort toward achieving this goal and welcomes collaboration with the Russian authorities and Russian businesses in this challenging and extremely important undertaking."

Victor Kiryanov, President of the Russian Automobile Federation (RAF), presented Shnaider with an official license for the team's entry into the 2006 Formula One World Championship. Having acquired a license from the RAF, MF1 Racing now becomes the first team to compete under the Russian flag in the world's most prestigious motor racing series.

International Automobile Federation (FIA) rules state that in order to participate in the F1 World Championship, a team should make an entry application with a license issued by a national motorsports authority attached to it.

Kiryanov commented: "Russian motor sport needs support from big business to develop and I am very happy that, thanks to Midland Group, our country will gain entry to the most important racing series on the planet. Getting a Russian team into F1 is a crucial step forward, both for Russian motorsport and for a nation that wishes to be seen as increasingly progressive in the modern world. Acquiring the Russian license marks the first step of a long journey for the Russian motor sport and for our country toward reaching the highest levels of international motorsport. I hope that some day, thanks to our joint efforts, Russian drivers will be racing and excelling in Formula One."

Bernie Ecclestone, Formula One Management President, said: "I am very happy that we now have in Formula One a team with a Russian license. I am sure the MF1 Racing team will create interest not only in Russia but also worldwide. I wish Alex Shnaider and the team the best of luck and the support of a great nation."