Russia wants to be reimbursed after their exclusion from the calendar

In 2014, after several unsuccessful attempts, Formula 1 set its sights on Russia to host a Grand Prix. The Russian Grand Prix remained on the calendar until 2021. However, following the invasion of Ukraine, heavy economic sanctions were imposed on Russia, which led to the impossibility of organizing a race weekend from 2022, even though a contract had been signed.

However, according to Alexey Titov, promoter of the Russian Grand Prix, the organizers of the race weekend had duly paid the fees in order to host the race at the Sochi circuit, without receiving any reimbursement from Formula 1: “They owe us money,” he explained to the Tass news agency, “and we are asking Formula 1 to give it back to us. The entry fees have been paid, but the race did not take place.”

The organization had indeed laid the groundwork for hosting the F1 for the 2022 world championship, which did not take place due to sanctions imposed on the country. They admit that there is a debt, adds Titov, “and in that sense, there is no dispute, but they say they are not technically able to repay the money. As organizers, we were controlled by the VTB Bank, which was a technical sponsor, and therefore there are legal obstacles to the return of the funds. Nevertheless, there is certainly hope of recovering this money. It is the country’s money, and I’m not afraid to say it.

However, while Titov reaffirmed the possibility of recovering the money, he also denied the possibility for Russia to rejoin the Formula 1 World Championship in the future: “I don’t miss Formula 1 at all. They left and we have had the opportunity to organize our own races, which we have done. Everyone has benefited from it.”

The contract binding Formula 1, the organizer of the F1 World Championship, to Russia was set to run until 2025. Starting from 2023, the Grand Prix was scheduled to take place on the new track named “Igora Drive” in the suburbs of Saint Petersburg.