MOSCOW: US-based Formula One Team Haas should pay a compensation for contract termination with Russia’s major fertilizer company Uralkali...
MOSCOW: US-based Formula One Team Haas should pay a compensation for contract termination with Russia’s major fertilizer company Uralkali and return the race car, the press service of Uralkali said in a statement to TASS on Thursday.
“Uralkali hopes that Haas will follow the ruling of the tribunal and return the race car by the deadline as well as complete the payments owed as soon as possible,” the company’s press service said.
Uralkali has already sent a letter to Team Haas stipulating transfer details for its racing car that appeared at the 2021 FIA F1 season Grands Prix and the deadline for the delivery is set for July 13.
In June 2024, the arbitration tribunal considered the dispute between Uralkali and Haas in respect to sponsorship contract termination and obliged the US team to immediately repay the unused advance amount to the Russian company, interest and duties with the deadline of June 13.
On February 5, 2022, FIA Formula One Team Haas announced that it had terminated its contract with Russian racer Nikita Mazepin. The US-based team also rescinded its title sponsorship deal with Russia’s major fertilizer company Uralkali citing the conflict in Ukraine as the reason.
Russian auto racer Nikita Mazepin, 25, signed a multi-year contract with the Haas F1 Team in December 2020, becoming the fourth Russian racer to compete in the world’s most prestigious auto racing series, FIA Formula 1.
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