- Formula One (NASDAQ:FWONA) confirmed Thursday that it would not be racing in Russia later this year after the state's invasion of Ukraine.
- F1 told that the contract for the Russian Grand Prix has been terminated, with the race for Sept. 25, 2022 being called off.
- It means that Russia will no longer have a race in the future.
- Formula 1 Russian Grand Prix was due to be moved from Sochi to Autodrom Igora Drive in St Petersburg from 2023, with the the contract running until 2025.
- The termination comes as part of talks held last week between F1 officials and team bosses about the race following Russia's invasion of Ukraine, media report.
- Had the decision to terminate the Russian Grand Prix contract not been made it was likely to face a mass boycott of the event by the drivers in the wake of cutting ties with Russia.
- The four-times world champion Aston Martin's Sebastian Vettel was the first driver to declare he would boycott the race if it went ahead.
- Russia's invasion of Ukraine has disrupted energy trade through the Black Sea and spiked the cost of shipping oil by sea.
- Exxon Mobil (NYSE:XOM) CEO Darren Woods said if there's a supply disruption of Russian crude it could lead to "significantly" higher oil prices.
- Also, JPMorgan calls for $185 oil if Russian self sanctioning continues
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