F1 terminates Russian Grand Prix contract, cancels September race

otaraev74/iStock Editorial via Getty Images

• 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

Comments

[dgiinvestor]

Obviously, there is no guarantee of safety in a country at war with a neighboring state, the way Russia is.

It isn't "cancel culture," (which I incidentally also hate), but common sense. A sporting event right now is ripe for a undesirable event to occur.

Hoping all stay safe over there in Europe.

[Diversified1]

When cancel culture tries to cancel an entire country.

[bluescorpion0]

@Diversified1 you mean like Russia trying to cancel Ukraine?

[itchyandscratchy9]

I did not realize that F1 was publicly traded.

[Maobama]

Every company on earth has to virtue signal that Russia is bad. We get it.

This isn't really demonstrating any real vision or leadership, it's mindless reactionary nonsense.

When the dust settles all these pathetic CEO's will be back groveling at the feet of whoever is in charge of Russia.

[bluescorpion0]

@Maobama it will be a democracy by the time they return, or no worse than china. now it's like north korea

[badger1997]

@Maobama You honestly believe they should hold an F1 race in Russia this fall?

[Maobama]

@badger1997 Thats not what I said. Find something better to do then trolling SA.

[PanicFirst]

Because nonsense like this worked so well after WW1...