In 2021, a contract was signed with the intention of moving the event to Igora Drive (about 54 km (34 mi) north of Saint Petersburg) starting from 2023 onwards.

In 2001, Vladimir Putin, President of Russia, expressed personal support to the project of the "Pulkovskoe Ring" near the Pulkovo Airport,[9][10] but the race never came to fruition.

[11][12] The plan to host a Grand Prix at the Moscow Raceway was never realised, but unlike the Pulkovskoe Ring and Nagatino Island projects, the circuit was completed, and in 2012, hosted rounds of the Formula Renault 3.5 and 2.0 Series[13] – which became the first internationally accredited motorsport events to hold a round in Russia – as well as the FIA GT1 World Championship,[14] and the Superbike World Championship.

Bernie Ecclestone expressed a desire to see Formula One travel to Russia at a circuit in or near Moscow or at the resort city of Sochi.

[16] After several decades of attempting to re-establish the race, the new Russian Grand Prix was officially announced on 14 October 2010 for a debut in 2014, running through to 2020.

The weekend saw a massive crash for Toro Rosso driver Carlos Sainz Jr. in the third free practice session, after he lost control of his car at turn 13, hit a wall, and went into the Tecpro barriers.

His teammate Lewis Hamilton took the win, ahead of Ferrari's Sebastian Vettel, and Force India's Sergio Pérez, who had initially lost third place on the final lap, but retook it after Kimi Räikkönen and Valtteri Bottas collided while battling each other for third, with Bottas retiring on the spot and Räikkönen receiving a 30-second post race penalty for the collision.

On the Thursday after the event, Red Bull announced that they demoted Kvyat back to Toro Rosso for the rest of the season, switching places with 18-year-old Dutchman Max Verstappen.

The 2017 event was held on 30 April 2017, and saw Valtteri Bottas secure his first career win in Formula One, ahead of the Ferrari pair of Sebastian Vettel and Kimi Räikkonen.

The 2018 race was held on 30 September 2018, moved back from its April slot to fill a vacancy left by the Malaysian Grand Prix, which was discontinued at the end of 2017.

On 24 February 2022, following the Russian invasion of Ukraine, Formula One suspended the contract for the Grand Prix, stating that it would be "impossible to hold it under the current circumstances.