The Russian Grand Prix will move to a new venue outside St Petersburg in 2023, making next year's event in Sochi the last at the Olympic Park.
The Igora Drive circuit, which is located 54km outside St Petersburg, made the announcement on Saturday, confirming that an agreement had been reached with Formula One.
The circuit, which received a Grade 1 licence from the FIA to hold F1 events last year, was built in 2019 and designed by F1's most prolific circuit designer, Hermann Tilke.
"I am pleased to confirm following joint intensive work with our Russian partners and detailed assessment of Igora Drive - Formula One will be racing at that amazing circuit from 2023," F1 CEO Stefano Domenicali said in the Igora Drive statement.
"I am impressed by Saint Petersburg and believe that the Russian Grand Prix at Igora Drive will be an incredible event."
The circuit is 4km long and its grandstands can accommodate 50,000 fans.
It will replace the Sochi Autodrom, which winds around the Olympic Park of the 2014 Winter Games, and is due to hold its eighth Russian Grand Prix this year.