The circuit at Sochi is part of a considerable undertaking as development is also running parallel with the site currently being built for the 2014 winter Olympic Games.
According to developers the medical centre, pit buildings and pit lane are already under construction, along with a number of other peripheral projects.
Completion of the entire circuit is scheduled prior to the start of the Games in February 2014, with a race planned later that year as it enters into a seven-year contract.
Mikhail Kapirulin, general director of the Omega Centre who are responsible for track construction, said: "We do not have unresolved problems.
"The uniqueness of this project is that we co-operate with our colleagues engaged in a parallel construction of the Olympic facilities.
"Of course, we face some difficulties, but we are united in our efforts with many companies.
"The current collaboration gives us great confidence we will create one of the best circuits in Formula One.
"We promise you it will be a worthy racing track."
His words were echoed by Nicholai Buturlakin, deputy governor of the state of Krasnodar overseeing the project.
Buturlakin said: "The project of a Russian Formula One race has its own history. We have long wanted to get the grand prix.
"Finally, in 2014, it will become a reality. We have chosen a great place, next to the sea, mountains, and the Olympic Park."
At the weekend Russia opened its doors on a new FIA-approved track, the Moscow Raceway, designed by Hermann Tilke, who has overseen the development of many of the recent new additions to the F1 calendar.