"The FIA Formula 1 World Championship visits countries all over the world with a positive vision to unite people, bringing nations together," F1 said in a statement.

"We are watching the developments in Ukraine with sadness and shock and hope for a swift and peaceful resolution to the present situation," it said.

"On Thursday evening Formula 1, the FIA, and the teams discussed the position of our sport, and the conclusion is, including the view of all relevant stakeholders, that it is impossible to hold the Russian Grand Prix in the current circumstances," read the statement further.