Formula 1’s Russian Grand Prix is moving from Sochi to a venue near St Petersburg in 2023.

The event will take place at the Autodromo Igora Drive, a complex with 10 circuits for racing and testing located 54 kilometres from the north-west city of St Petersburg.

The facility received an FIA Grade One licence in 2020, enabling it to stage Formula 1 events, and the sport has described it as “a hugely exciting location”.

The Russian Grand Prix has been held in Sochi in the south of the country since 2014, the same year that the city hosted the Winter Olympics, but the new venue is seen as more attractive because of its geographical location and flexible layouts.

Stefano Domenicali, the president and chief executive of Formula 1, said on Saturday: “I am pleased to confirm following joint intensive work with our Russian partners and detailed assessment of Igora Drive – Formula 1 will be racing at that amazing circuit from 2023.

“I am impressed by St Petersburg and believe that the Russian Grand Prix at Igora Drive will be an incredible event.”

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Sochi is scheduled to stage two more grands prix, starting with this year’s race on 26 September.

St Petersburg is Russia's second largest city and presently staging matches as part of soccer's European Championships being held across the continent.