Sochi is on course to host its inaugural Russian grand prix in 2014.

F1 will not impact on the timeframe of the preparation for the Games

Dmitry Chernyshenko

Earlier, it emerged that the International Olympic Committee (IOC) has the power to delay the F1 race if it affects preparations for the resort city's winter games.

Dmitry Chernyshenko, president of the Sochi organising committee, told Reuters that the IOC will review the plans next month.

"It's well on track," he said when asked about F1.

"There are pure endorsement and mutual benefits for both Olympic Games and Formula One project," added Chernyshenko. "It (F1) will not impact on the timeframe of the preparation for the Games."