Vitaly Petrov has taken his place in Formula One history 20 years after his road to glory began with a spin in his father's Lada.

In signing a one-year contract with Renault, with an option for a further two years, Petrov becomes the first Russian to compete at motor sport's highest level.

With his father Aleksander providing full financial support, which has been confirmed as 7% of Renault's budget- estimated at £13million - there are a lot of roubles riding on Petrov. Naturally, he is hoping now Russia's eyes have been opened to the world of F1, further sponsors will step in to aid him and the team.

"I'm really happy. It's brilliant, what I've waited for for a long time," beamed Petrov following the announcement of his appointment at Renault's launch of their new car at the Ricardo Tormo circuit in Valencia. "A couple of days ago the team made their decision, and I signed a contract this morning (Sunday), so I am very happy. Have you seen my face?

"With this news there's been a big explosion in Russia, on TV and in the newspapers, and people have been calling, asking me about it, and I've had to switch off my phone.

"I now need to concentrate on my job because this is something new to me, and I hope it will be good.

"But the people in Russia, they must wake up to what has happened here because we are in F1 without any sponsorship and any help.

"My father has given me the money to be here. It's just him, my manager and my father's friends. No-one else.

"But now people will see us in Formula One and hopefully it will change things."

Even if money has paved Petrov's way into F1, he still has at least proven what can be achieved, especially given his humble beginnings in Vyborg, 200km north of St Petersburg on the Russian-Finnish border.

"When I was five years old I drove a Lada Zhiguli, alone without my father," recalled the 25-year-old of his first driving experience.

"I always asked my father if we could go and drive on the normal roads, but he always told me was tired.

"So he ended up buying me a car, and he hired me a coach and then I started to learn how to drive properly."

Even then, Petrov was denied an F1's driver traditional route to the sport as there were no go-karting tracks in Russia.

Instead, he started off in touring cars in his homeland before moving to Europe where he first made a name for himself in Formula Renault before moving on to Formula 3000 and then GP2, in which he finished runner-up last year.

Now he is hoping his emergence will ultimately pave the way for a grand prix to be staged in Russia, of which there has been talk in the past.

"This is what I've been trying to do," stated Petrov, who will be partnered by Poland's Robert Kubica this season.

"I've been telling people 'We are Russia, a big country, and we must have a grand prix.'

"So now I am here, maybe people will try to do something."

Gerard Lopez, who runs Luxembourg-based private investment firm Genii Capital who bought a 75% stake in Renault in early December, insists Petrov has not been signed simply for money alone.

However, in announcing China's Ho-Pin Tung as one of two reserve drivers, Lopez acknowledges there are untapped markets ready to be plundered. "We actually had drivers who could have brought twice the amount Vitaly is bringing with him," said Petrov, who has admitted to so far raising only 83% of the team's estimated £175million annual budget.

"Firstly, the choice was made on performance, and secondly someone like Vitaly can bring 7% of a budget, so that is not going to make this team win or survive," insisted Lopez. "The fact he does come from Russia is interesting, but that's also true of Robert and the fact he comes from a country that is fairly sizeable and is completely unrepresented in Formula One.

"So we are very aware of the nationality, and as a result of that, very aware of where the marketing and sponsorship efforts should go to. "There is considerable scope to tap into the Russian, Polish and Chinese markets."