VTB becomes title sponsor of the Russian Grand Prix

F1 represents an important geopolitical issue for many countries that wish to showcase their ambitions on a global scale. This is why many Asian countries wanted to highlight their development during the 1990s and 2000s by hosting an F1 race.

Similarly, Russia has made this event a part of its external communication strategy by deciding to design a circuit around the facilities built for the Winter Olympics in Sochi. It is no coincidence, therefore, that Russian President Vladimir Putin has insisted on being personally present at each edition to demonstrate its significance.

But with the economic sanctions hitting the country since the Ukrainian crisis and the sharp drop in oil prices, the Russian government is experiencing significant difficulties in balancing its budget and must find sources of savings. It will therefore transfer the payment of the several million euros owed to the FOM to the private sector.

Thus, it is VTB, one of the largest Russian banks, that will become the flagship of the consortium gathered to finance the operation, as commented by Vasily Titov, the chairman of VTB’s board of directors: « Having the right to become the title sponsor of a major international project opens up new opportunities for VTB and the Russian F1 Grand Prix. I am sure our cooperation will become an example for many companies of effective sponsorship in motorsports. »

With the participation of www.racingbusiness.fr