The International Olympic Committee has warned that it could postpone the inaugural Russian Grand Prix until 2015 if it believes preparations for the race could affect preparations for the Winter Olympics.

The Black Sea resort of Sochi is due to host the Winter Olympics in February 2014 and the inaugural Grand Prix later in the year. However, officials at the IOC have revealed that there is an agreement in place which would see the F1 race deferred until 2015 if IOC officials believe preparations for the race might impact the Olympics.

"We really looked carefully," said Olympic Games Executive Director Gilbert Felli, according to Reuters, having received a progress report. "It is good to have the F1 Grand Prix in Russia and Sochi. However we do not want to have the facility, built for the Grand Prix, to put construction or preparation for the Games at risk.

"When we learned the GP could be organised in 2014 we wanted to know if it is an issue," he added. "In the contract they (the F1 race organisers) signed there is an escape that if the IOC decides it is not feasible then it could be rescheduled in 2015."

When asked who make the decision as to whether the race is postponed, Felli relied: "It is the IOC."

F1 supremo Bernie Ecclestone and Russian Prime Minister Vladimir Putin announced the five-year deal, thought to be worth £25m a year (with annual increments), in October.