Haas Formula One Team to Repay Uralkali Sponsorship Money After Dutch Grand Prix Visit

Haas Formula One team is set to repay Russian potash producer Uralkali the balance of a previously cancelled sponsorship contract. The contract was terminated in March 2022 following Russia's invasion of Ukraine. Both parties are working to ensure the repayment process complies with international sanctions laws.

The Haas Formula One team announced on Friday their intention to repay Russian potash producer Uralkali the balance of a cancelled sponsorship contract, following a visit by bailiffs at the Dutch Grand Prix.

Originally terminated in March 2022 due to Russia's invasion of Ukraine, the U.S.-owned team's contract with Uralkali, once controlled by the father of ex-driver Nikita Mazepin, was under scrutiny. Both Mazepin and his father were sanctioned by the EU, yet the former driver was removed from the list earlier this year.

Haas confirmed that they would pay all amounts due under the arbitration award and are working with legal advisors to ensure compliance with U.S., EU, UK, and Swiss sanctions. Media estimates set the original contract value at $13 million, with $9 million owed. Uralkali criticized Haas for also failing to deliver a Formula One car from the 2021 season, as per the contractual agreement.

(With inputs from agencies.)