Image source: Instagram/@haasf1team
The Haas Formula One team has confirmed they will repay Russian potash producer Uralkali following the cancellation of their sponsorship contract. This decision comes after a visit from bailiffs during the Dutch Grand Prix, raising the stakes in a long-standing dispute.
Haas terminated their contract with Uralkali in March 2022, shortly after Russia’s invasion of Ukraine. Uralkali was previously owned by the father of former Haas driver, Nikita Mazepin. Both Mazepin and his father were placed under EU sanctions, although Nikita was removed from the list earlier this year.
In a statement, Haas assured that they are fully committed to settling the outstanding payments. “Haas fully intends to pay Uralkali all amounts due according to the arbitration award.
“The team stated there is no disagreement about the amounts owed and emphasized that payment will be made in accordance with U.S., EU, UK, and Swiss sanctions laws.”
The original sponsorship deal was reportedly valued at $13 million, with $9 million still due to Uralkali. Last month, Uralkali expressed frustration over the unpaid balance, interest, and arbitration costs, calling Haas’s actions a “flagrant violation” of a Swiss tribunal ruling.
The Russian company also pointed out that Haas had failed to deliver a Formula One car from the 2021 season as required by the contract.
Uralkali sent a letter to Haas in early July, proposing options for the car’s delivery. However, the letter went unanswered, and interest on the owed amount continues to accumulate.
During the Dutch Grand Prix, Dutch bailiffs and police arrived at the Haas paddock hospitality area to take inventory of racing equipment.Uralkali expressed satisfaction with the recent actions, stating, “We are pleased that after last night’s visit from Dutch authorities, Haas is finally addressing the arbitral ruling.”
Despite the legal and financial wrangling, Haas participated in Friday’s practice session as usual, preparing for Sunday’s race at Zandvoort.
