File picture: Maxim Shemetov / Reuters.

Sochi - Russia is planning to create a Formula One team, deputy Prime Minister Dmitry Kozak told reporters at the Russian Grand Prix.

Kozak said he had noted the increased popularity of motor racing in Russia and the  growing interest in Formula One in particular.

"I know there are many lovers of motor sports in Russia and also wealthy businessmen who are ready to invest in the creation of a Russian F1 team," Kozak told Tass.

He added that he had met potential partners at the Sochi Autodrom, where defending champion Lewis Hamilton triumphed for Mercedes in Sunday's race.

"The result of our meeting with auto-makers should be the creation of a Russian F1 car," he said. "We talked about 2024, but I do not think that it can be done in that time, but I think it can be done within a decade."

Kozak said the presence of Russian driver Sergey Sirotkin, of Williams, and the backing of Russian financial institution SMP had been important.

Former Red Bull driver Russian Daniil Kvyat is set to return to the sport next year with Toro Rosso while young hopes Artem Markelov and Nikita Mazepin are lined up as potential drivers of the future. 

Agence France-Presse