- Series was originally slated to move to St. Petersburg from 2023
- Decision comes after Motorsport UK bans all Russian, Belarusian drivers from competing in UK
Formula One has cancelled its contract with the Russian Grand Prix, a move which the Daily Mail reports will cost the series UK£40 million (US$53 million).
The decision comes six days after this year’s race, due to take place in Sochi on 25th September, was pulled from the calendar.
Formula One bosses announced only last June that an agreement had been reached to move the Russian round to Igora Drive, 40 miles north of St Petersburg, from 2023.
But following the country’s invasion of Ukraine, the sport has moved to scrap the race altogether.
A statement from the series read: 'Formula One can confirm it has terminated its contract with the Russian Grand Prix promoter meaning Russia will not have a race in the future.'
This announcement comes after Motorsport UK announced that Russian-licenced drivers have been banned from competing in the United Kingdom.
It means Haas driver Nikita Mazepin, the sole Russian driver on the Formula One grid, will not be able to take part in July’s British Grand Prix.
Mazepin’s immediate future in Formula One hangs in the balance. His father, oligarch Dmitry Mazepin, is a part-owner of Haas’ title sponsor, Uralkali.
Haas removed the branding of the Russian fertiliser company for the final day of testing in Barcelona last week.
Formula One’s governing body, the International Automobile Federation (FIA), will still allow Russian drivers to continue to compete, albeit under a neutral flag.