Amidst claims the event could yet be cancelled, promoters of the forthcoming Russian Grand Prix at Sochi say preparations for the event are on schedule.

At the weekend, a number of media outlets reported that the continuing situation in Ukraine could yet lead to the cancellation of the inaugural Russian Grand Prix, one British politician claiming that should the current sanctions against Russia escalate hosting the event could prove extremely difficult.

“If a new round of tougher sanctions is introduced, Formula One may find it impossible to put on a race because of restrictions on the flow of cash,” Sir Richard Ottaway, chairman of the House of Commons foreign affairs select committee, told the Times.

Whilst not referring to the ongoing political situation organisers have today claimed everything is on target and that later this month (20 May) full details of ticket prices will be revealed.

"Preparations are very much on schedule and the venue will be ready this October to welcome all F1 teams and fans to the Sochi circuit, that runs in between the Olympic stadiums, against a unique mountain backdrop," said the organisers in a brief statement.

"The construction and operational readiness are on schedule. The team buildings and the medical centre are 100% operational. The main grandstand is currently being completed and the track is being prepared for the final layer of asphalt.

"We work in close cooperation with Formula One Management (FOM), the FIA, international consultants and regular inspections are done by the experts. The first ever F1 race in Russia starts at 15:00 (local time) on October 12th. Our intention as a promoter has always been to host the world's best, elite motorsport event, which will be remembered for its inspirational quality, by both the teams and spectators."

Chris Balfe