(CNN)The Haas F1 team has terminated the contract of Russian driver Nikita Mazepin and its title sponsor Uralkali amid Russia's invasion of Ukraine, the team announced on Saturday.
Mazepin was preparing to compete in his second season in F1 having raced for Haas throughout 2021.
"Haas F1 Team has elected to terminate, with immediate effect, the title partnership of Uralkali, and the driver contract of Nikita Mazepin," the team said in a statement.
"As with the rest of the Formula 1 community, the team is shocked and saddened by the invasion of Ukraine and wishes for a swift and peaceful end to the conflict."
A replacement driver is expected to be named next week.
In a statement on social media, Mazepin said he is "disappointed" with the decision, adding: "While I understand the difficulties, the ruling from FIA (motorsport governing body) plus my ongoing willingness to accept the conditions proposed in order to continue were completely ignored and no process was followed in this unilateral step.
"To those who have tried to understand, my eternal thanks. I have treasured my time in F1 and genuinely hope we can all be together again in better times. I will have more to say in the coming days."
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CNN has reached out to the Haas team for comment regarding Mazepin's statement.
On Tuesday, the FIA said Russian and Belarusian drivers may continue to race, but only in a "neutral capacity" and without displaying any Russian or Belarusian national symbols, colors or flags on their uniform, equipment and car "until further notice."
This ruling also extends to individual competitors and officials.
On Thursday, F1 terminated its contract with the Russian Grand Prix promoter, meaning Russia will no longer stage future races.
The 2022 season starts on March 20 in Bahrain.