The escalating situation in Ukraine has potential ramifications in the world of Formula 1.

Russian forces have entered Ukraine with reports of explosions in major cities and deaths at military bases.

Australia is one of a number of western nations to have imposed financial sanctions on Russia.

“The invasion of Ukraine has effectively already begun. This invasion is unjustified, it’s unwarranted, it’s unprovoked and it’s unacceptable,” said Prime Minister Morrison on Wednesday.

“Australians always stand up to bullies, and we will be standing up to Russia.”

The United States, European Union, Britain, Canada and Japan have also announced plans to target the bank accounts of wealthy individuals, while in Germany a major gas pipeline project has been halted.

Further sanctions could be imposed, with the US having blocked two of Russia’s state-owned banks from trading on the US financial markets.

Russia’s involvement in motorsport, and particularly Formula 1, is three-fold; the Russian Grand Prix, Uralkali’s sponsorship of the Haas team, and driver Nikita Mazepin.

Uralkali is a fertiliser producer, of which Dmitry Mazepin, Nikita’s father, obtained a 20 percent stake of in late 2013, a deal estimated to be worth nearly $3 billion.

Mazepin is not one of the Russian ‘elites’ to have had sanctions directly imposed, nor does Uralkali appear to have been specifically impacted to date.

However, a stated aim of the sanctions is to starve Russia of resources.

Potassium chloride produced by Uralkali is used beyond fertilisers, and the potash it supplies is used in chemical, petrochemical, food, and pharmaceutical industries.

Speedcafe.com has contacted the Haas F1 team for comment regarding its deal with the Russian company and the impact of the escalating situation but no response was received by time of publication.

Comment was also sought from Formula 1 itself, which provided the following statement to this publication:

“Formula 1 is closely watching the very fluid developments like many others and at this time has no further comment on the race scheduled for September. We will continue to monitor the situation very closely.”

Formula 1 is not slated to visit Russia until September for what will be the final visit to Sochi before the event moves to Igora Drive from 2023.