Originally launched by team principal Oleg Zherebtsov as Russian Challenge, the team will now be known as Team Russia.
Explaining the thinking behind the change of name and visual identity, at a press conference during the Austrian Boat Show in Boot Tulln, skipper Andreas Hanakamp, said: "Our new name Team Russia is visually represented using letters from the Russian Cyrillic alphabet. It is hoped that the true essence of Russia on the international sailing stage is represented carefully using the power of this identity.
"As our entry into the Volvo Ocean Race continues to build momentum, it is important to Oleg that the boat represents new Russia and its expression of freedom through the sport of sailing."
Hanakamp recently paid a visit to the Green Marine boat yard in Lymington, England, to check on the progress of Team Russia's challenger for the 2008-09 event.
The second generation Volvo Open 70, designed by Rob Humphreys, is out of its mould, the deck has been fixed to the hull and fitting out and fairing has begun.
It is on schedule for launch in May. A full programme of testing and racing is then planned for the summer in preparation for the October race start in Alicante.
