Haas F1 have terminated the contract of Russian driver Nikita Mazepin and severed ties with title sponsor Uralkali due to Russia's invasion of Ukraine, the Formula One team announced on Saturday.
"Haas F1 team has elected to terminate with immediate effect, the title partnership of Uralkali, and the driver contract of Nikita Mazepin," the American team said in a statement on their website.
"As with the rest of the Formula 1 community, the team is shocked and saddened by the invasion of Ukraine and wishes for a swift and peaceful end to the conflict."
Uralkali, a group specialising in potash, has Mazepin's father, Dmitry Mazepin, as its non-executive director.
Haas dropped the Uralkali branding from their cars during the last day of pre-season testing in Barcelona last Friday and team principal Guenther Steiner had said at the time they were "financially OK".
Mazepin, 23, had raced for just one season with Haas but failed to register a point in the championship.
The Haas decision follows championship promoters Formula One's announcement on Thursday that they had terminated a contract with the organisers of the Russian Grand Prix.
The Black Sea resort of Sochi has hosted the race since the first running in 2014 but Saint Petersburg was due to replace it as the venue in 2023.
"Formula 1 can confirm it has terminated its contract with the Russian Grand Prix promoter meaning Russia will not have a race in the future," Formula One said in a statement.
Virtual banks explained
What is a virtual bank?
The Hong Kong Monetary Authority defines it as a bank that delivers services through the internet or other electronic channels instead of physical branches. That means not only facilitating payments but accepting deposits and making loans, just like traditional ones. Other terms used interchangeably include digital or digital-only banks or neobanks. By contrast, so-called digital wallets or e-wallets such as Apple Pay, PayPal or Google Pay usually serve as intermediaries between a consumer’s traditional account or credit card and a merchant, usually via a smartphone or computer.
What’s the draw in Asia?
Hundreds of millions of people under-served by traditional institutions, for one thing. In China, India and elsewhere, digital wallets such as Alipay, WeChat Pay and Paytm have already become ubiquitous, offering millions of people an easy way to store and spend their money via mobile phone. Indonesia, Vietnam and the Philippines are also among the world’s biggest under-banked countries; together they have almost half a billion people.
Is Hong Kong short of banks?
No, but the city is among the most cash-reliant major economies, leaving room for newcomers to disrupt the entrenched industry. Ant Financial, an Alibaba Group Holding affiliate that runs Alipay and MYBank, and Tencent Holdings, the company behind WeBank and WeChat Pay, are among the owners of the eight ventures licensed to create virtual banks in Hong Kong, with operations expected to start as early as the end of the year.
