The Italian comp💙any will collaborate with the Red Cross and UNHCR in funding international humanitarian projects su﷽pporting Ukraine and local projects in Italy supporting refugees. 

This comes after Russia’s President 🦂Vladimir Putin decided to𝓀 invade Ukraine at the end of February.

In response, European countries have imposed economic sanctions on Russia, while sporting bodi🧔es have als♌o taken action.

The International Olympic Committee (IOC) called for Russian and Belarusian athletes to b♚e banned from competing in events, while the FIA has taken a lighter response with drivers still being allowed to compete under a neutral licence.

The FIA has subsequently released𒁏 its own code of conduc💙t which Russian and Belarusian drivers have to agree to before competing. 

Despite the FIA’s stance, Motorsport UK - Britain’s governing body - has banned drivers from the aforementioned ൲countries from competing in UK events, such as the British Grand Prix at Silverstone.

F1 t♕eam Haas and F2/F3 outfit Hitech have terminated t💙heir sponsorship deals with Russian chemical company Uralkali. 

This meant Russian dr🐈iver Nikita Mazepin has lost his drive in F1 for this year.

Speaking o꧋f the announcement, Ferrari CEO Benedetto Vigna said: “Ferrari stands alongside everyone in Ukraine affected by this ongoing hu💯manitarian crisis.

“While we hope for a rapid return to dialogue and a peaceful solution, we cannot remain indi𝄹fferent to the suffering of everyone affected. Our thoughts and support go out to them. We are playing our small part alongside the institutions that are bringing immediate relief to this situation.”