A general view of the track and pit lane under construction in preparation for the Russian Formula One Grand Prix scheduled to be held on October 12th later this year at the Sochi Olympic Park Circuit, on February 24, 2014 in Sochi, Russia. (Photo by John Berry/Getty Images)

A general view of the Sochi circuit taken in February, 2014 with its inaugural F1 race scheduled to be held in October. (Photo: John Berry/Getty Images)

Azerbaijan on Wednesday denied reports it could step in to replace this year’s endangered Russian Grand Prix.

Earlier, Germany’s Welt newspaper said the oil-rich former Soviet state was ready to step in, should the escalating Crimean crisis force the cancellation of the scheduled inaugural Russian Grand Prix later this year.