Sainz and Piastri became embroiled in a scrap for fourth place shortly after the mid-race Safety Car restart.
Piastri, who had briefly led the race, didn’t have the same pace as he’d enjoyed on the medium tyres in the opening stint, and was vulnerable to the Ferrari behind.
Sainz twice attempted to pass at Turn 11 but was rebuffed on both occasions.
The first of those was especially frustrating for the Spaniard, who felt he’d been pushed off the road, though officials disagreed after looking at the incident.
Piastri finally succumbed to the Ferrari at Turn 17 on Lap 39.
A late move on the brakes into the tight left-hander saw the Australian GP race winner lock the rear wheels and slide wide of the apex.
In doing so, his rear wheel made contact with Piastri’s front wing. That forced the Australian into the pits for a replacement, ruining any chance he had of a strong result.
The incident caught the eye of officials who investigated it post-race and deemed Sainz was in the wrong.
“The Stewards heard from the driver of Car 81 (Oscar Piastri), the driver of Car 55 (Carlos Sainz), team representatives and reviewed video evidence and determined that Car 55 was overtaking Car 81 at Turn 17 when he lost the rear slightly and collided with Car 81,” the stewards noted in their report.
“The collision resulted in damage to the front wing of Car 81.
“It was clear to us that Car 55 was to blame for the collision. In the overtake attempt, Car 55 braked late, missed the apex and in the process lost the rear, with the resulting collision.
“Although Car 81 was trying to turn in to counter the overtaking attempt, Car 81 gave sufficient room to Car 55.
“In the circumstances, we find Car 55 to be predominantly to blame for the collision.
“In this case, we took into account, as mitigating factors, the fact that but for the slight loss of control of the rear by Car 55, the collision would likely not have happened and it would have been hard but good racing.
“The standard penalty for a collision is 10 seconds with 2 penalty points.
“In light of the mitigating circumstances, we therefore impose a 5 second time penalty with 1 penalty point.”
Sainz had finished the race fourth, though the penalty demotes him behind Sergio Perez to fifth – officially little more than a tenth clear of Lewis Hamilton in sixth.
Kevin Magnussen also picked up a post-race time penalty, the equivalent of a drive-through for entering the pits under Safety Car but not changing tyres.
While Haas admitted to the error, stewards had no option under the regulations but to penalise the Dane.
That penalty drops Magnussen to 19th, the last classified finished, behind Alex Albon.