Tag: Uralkali

Haas waiting for Uralkali to acknowledge payment before heading to Monza

Haas will not move its trucks and equipment out of the Netherlands until Monday after the Dutch Grand Prix while it waits for Uralkali to acknowledge receipt of its sponsorship funds. The team was ordered to return a payment to its former title …

Haas will not move its trucks and equipment out of the Netherlands until Monday after the Dutch Grand Prix while it waits for Uralkali to acknowledge receipt of its sponsorship funds.

The team was ordered to return a payment to its former title sponsor Uralkali back in June, following a ruling by a Swiss tribunal, and had accepted the findings. However, with payment not received ahead of this weekend’s race, Uralkali sent bailiffs to itemize Haas’ equipment and be able to prevent the team from leaving the country until it transferred the money.

Payment was made by the team on Friday, but with Uralkali yet to acknowledge receipt of the funds, RACER understands Haas will remain in the Netherlands until Monday. Once confirmation of the receipt of payment comes through, then the team’s trucks will immediately depart for next weekend’s Italian Grand Prix at Monza.

Uralkali was the Haas title sponsor in 2021 and at the start of 2022, but the contract was terminated following Russia’s invasion of Ukraine. Sanctions remain in place against Russia that made it complex to pay large sums of money to the company, but the dispute did not have an impact on Haas’ ability to race at Zandvoort.

Haas has been permitted to return equipment to its suppliers following Sunday’s race, including to its technical partner Ferrari and Formula 1’s tire supplier Pirelli.

Haas working on returning Uralkali money after bailiffs visit

The Haas Formula 1 team says “there is no dispute over the amounts owed” to former sponsor Uralkali as it works to return funds following a visit from bailiffs at the Dutch Grand Prix. An arbitration ruling from a Swiss tribunal in June ordered Haas …

The Haas Formula 1 team says “there is no dispute over the amounts owed” to former sponsor Uralkali as it works to return funds following a visit from bailiffs at the Dutch Grand Prix.

An arbitration ruling from a Swiss tribunal in June ordered Haas to return monies already paid to it by its former title sponsor Uralkali prior to the termination of its contract in March of 2022. Haas was judged to have been within its rights to terminate but not to keep prior funds, with Uralkali stating at the time that it “anticipates that Haas will fulfill its obligations under the ruling without undue delay.”

With Haas having yet to return the sponsorship figure — but the team understood to have the amount waiting to be transferred — Uralkali initiated further action by sending bailiffs into the Zandvoort paddock on Thursday night to itemize the team’s inventory. It would then be able to prevent Haas leaving the Netherlands after this weekend’s race if payment is not received by Monday.

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“Haas fully intends to pay to Uralkali all amounts due pursuant to the arbitration award, and there is no dispute over the amounts owed,” a team statement read. “Haas has been working with its lawyers to ensure payment will comply with all relevant U.S., EU, UK and Swiss sanctions laws and regulations. We will continue working with Uralkali in the coming days to resolve this matter definitely.”

Multiple sanctions have been placed on Russia since its invasion of Ukraine in early 2022, with the situation leading to the termination of the sponsorship contract. RACER understands those sanctions add to the complexity of making such a significant payment to Uralkali, and while Haas is working on a transfer as a prompt matter, it could extend beyond Friday.

The next race is the Italian Grand Prix at Monza next weekend, with teams transporting the majority of their equipment by road to northern Italy from Sunday night onwards.