Haas settles financial dispute with Uralkali, avoids seizure of assets

Haas has successfully resolved its ongoing financial dispute with former sponsor Uralkali, averting a potential seizure of its assets at the Dutch Grand Prix. The dispute arose after Haas terminated its sponsorship agreement with Uralkali in 2022, following Russia's invasion of Ukraine. The fertilizer giant, owned by Dimitry Mazepin, had sought to recover a portion of the sponsorship payments made for the 2022 season. A Swiss arbitration Court upheld Haas’s right to terminate the sponsorship agreement but ruled that the US outfit must return a portion of the sponsorship payment, specifically the amount that was applicable past March 4, 2022. Despite this ruling, Uralkali claimed that Haas missed the repayment deadline, prompting the company to take action through the Dutch courts. On Thursday, Dutch police and bailiffs visited Haas's facilities at Zandvoort to assess the situation and potentially seize the team's assets, a state of affairs that would have prevented the team from competing next week at the Italian Grand Prix at Monza. Read also: Haas facing threat of seizure of assets at Zandvoort from Uralkali However, Haas ultimately managed to avoid this outcome by making the necessary payment on Friday morning. The transaction was routed through the Middle East to comply with international sanctions imposed on Russia, which restricted direct financial interactions with the country. With this payment, Haas has successfully avoided the seizure of its assets and ensured its continued participation in the Dutch Grand Prix. The resolution of this financial dispute marks a significant step in closing a tumultuous chapter for the team, allowing them to focus on their racing commitments for the remainder of the season. Keep up to date with all the F1 news via Facebook and Twitter The post Haas settles financial dispute with Uralkali, avoids seizure of assets appeared first on F1i.com.