Formula One is “closely monitoring” the fast-developing situation in Ukraine, which has raised doubts about whether the Russian Grand Prix will take place this year as planned.

Formula 1 has stated that it is “closely watching” Russia’s attack on Ukraine, but has declined to comment on the potential impact of the current situation on the Russian Grand Prix which is scheduled for September.

Russia invaded Ukraine early Thursday morning after President Vladimir Putin ordered a “specialized military operation” in the neighboring country, which the Ukrainian government has described as a “full-scale invasion.”

Putin has also threatened anyone who attempts to interfere with Russia’s attack on Ukraine stating that they will face consequences larger than they have encountered in history.

In wake of the current crisis the International community such as the European Union, the United States, and the United Kingdom are considering imposing economic sanctions on Russia in the form of a “bundle of significant and targeted” measures.

The developments have thrown major sporting events into doubt including this year’s Russian Grand Prix. The Sochi race, which joined the F1 calendar in 2014, is currently scheduled to take place on September 25.

A statement from F1 read: “Formula One is closely watching the very fluid developments like many others and at this time has no further comment on the race scheduled for September.”

“We will continue to monitor the situation very closely.”

F1 declined to comment on whether the Russian Grand Prix will canceled as the European football’s governing body, UEFA, is planning to transfer the Champions League final away from St Petersburg.

Potential sanctions on Russia could have ramifications for the Haas Formula One team, whose 2022 cars use a livery that incorporates the Russian flag’s colors.

Uralkali, a Russian fertiliser company which is owned by Dmitry Mazepin, the father of Haas driver Nikita Mazepin, sponsors the American team.

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