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"The financial details of the deal are confidential but I can assure that we're completely satisfied with the conditions," Sergei Vorobiev, Russian Grand Prix promoter, told AFP.
The first Russian Grand Prix was held in Sochi in 2014 and the previous deal was set to run out in 2021.
This year's race is due to take place on April 30 and Vorobiev said he is hoping the crowds will flock to the event.
"We've marked down the average ticket price," Vorobiev said.
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"We're confident that we will be able to set a new attendance record at this year's Russian GP."