MOSCOW, June 20. /TASS/. An arbitration tribunal has considered under Swiss arbitration rules the dispute between Uralkali and American Formula 1 team Haas regarding the return of sponsorship money and awarded compensation to the Russian company, the Uralkali press service has told TASS.

"Following a detailed examination of the case, the tribunal found that Haas was in violation of the contract and obliged the Team to pay compensation to Uralkali. The tribunal also rejected all of the Team’s counterclaims toward the Company. The arbitral award puts an end to the dispute between Uralkali and Haas regarding the sponsorship agreement," the enterprise outlined. "As a key player in ensuring global food security, as well as a company that has shown support for social projects over the course of many years, including sports related programs in Russia and internationally, Uralkali welcomes the decision by the tribunal," it added.

"The Company anticipates that Haas will fulfil its obligations under the ruling without undue delay. The funds, once received, are intended for the development and modernization of the Company’s production facilities," the company emphasized.

In April 2022, Haas announced that it would not pay back the $13 million which it received before the start of the season from Uralkali, and also demanded compensation of $8.6 million from the Russian company.

On March 5, 2022 Haas terminated the contract with Russian driver Nikita Mazepin because of the Ukrainian crisis. The team also terminated its agreement with Uralkali. On March 9 of the same year, Uralkali demanded that the team return the sponsorship money.

The team insisted that it had the right to terminate the agreement unilaterally if the sponsor harms Haas, involves it in a scandal, leads to ridicule, ruins its public reputation or does harm its favorable image.