Formula One has canceled its contract with the Russian Grand Prix and will no longer hold a race in the country due to the invasion of Ukraine.

"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," F1 said in a statement Thursday.

The 2022 running of the event, set for September at the Olympic Park in Sochi, had already been canceled last week after Russia invaded Ukraine.

The Black Sea resort of Sochi has hosted the race since the first running in 2014, but St. Petersburg was due to replace it as the venue in 2023.

Reigning champion Max Verstappen and four-time champion Sebastian Vettel had both said they would not race there.

"For myself, my own opinion is I should not go, I will not go. I think it's wrong to race in the country," said the German.

But former F1 supremo Bernie Ecclestone – who played a pivotal role in bringing the race to Russia – told AFP on Wednesday the cancelation made no sense.

"It does not make sense whichever way you look at," Ecclestone told AFP. "There is no war in Russia to my knowledge so if it took place it would make no difference to anybody.

"This idea of trying to punish Russia this way in a sporting sense is not going to punish (Russian President Vladimir) Putin at all.

"The race would not matter to him," he said.