F1 in Russia by 2012, New York 2013

According to Bloomberg, the Formula One supremo said a Russian grand prix would most likely be held in capital Moscow or in Sochi, site of the 2014 Winter Olympics.

Ecclestone added at least three places have been identified for a circuit outside Manhattan – with the idea of New York being visible in the background – and that a decision will be made over the next couple of months.

It is also understood Ecclestone will continue to review the “traditional” European events such as the two races in Spain.

“We’re going to lose some races for sure, there are some races we can afford to lose without too much problem,” he said. “I’ve spoken to the countries to see what we can come up with.”

Formula One races have been added in Asia and the Middle East, with Abu Dhabi making its debut last year and South Korea joining in 2010.