The organisation said the decision to end the contract means "Russia will no longer have a race in the future."

The move follows the removal of the F1 Grand Prix in Sochi from the calendar last week.

The promotion said that it was "impossible to hold the Russian Grand Prix in the current circumstances".

Four-time champion Sebastian Vettel of Germany had said he would not take part in the race, should it go ahead, because of Russia's actions in Ukraine.

Russian President Vladimir Putin had been key to establishing the Russian Grand Prix on the F1 calendar.

Putin signed an agreement in 2010 with then Formula One chief executive Bernie Ecclestone to secure an annual Grand Prix race.

The first race in Sochi was held in 2014 shortly after the end of the Winter Olympics.

The initial agreement saw Russia assured of a race annually until 2020.

A five-year extension was agreed in 2017, which would have seen Russia continue to stage a race until 2025.

Sochi had been due to host the race for the final time this year, with St Petersburg having been scheduled to host competition from 2023.

St Petersburg is Putin’s home city.

The stance of the Formula 1 commercial arm differs to the approach taken by the International Automobile Federation (FIA), the sport’s governing body.

The FIA has allowed Russian and Belarusian drivers, individual competitors and officials to participate in international events in a neutral capacity and under the "FIA flag".

The governing body has prohibited teams from the nations participating, as well as their flag, symbol and anthems from featuring in competition.

No events sanctioned by the FIA will be held in Russia or Belarus.

The FIA has defended its decision not to ban individual drivers, claiming it has followed International Olympic Committee recommendations.

The IOC recommended on Monday (February 28) that athletes and officials from Russia and Belarus should be banned from all international sporting events.

The IOC said that normally it would not punish athletes for the decisions of a Government if they are not actively participating in them.

The organisation had said the war in Ukraine is an exceptional circumstance and the body has made the decision in order to "protect the integrity of global sports competitions and for the safety of all participants."

Although the IOC advised IFs to ban Russian and Belarusian athletes outright, it has said they can compete as neutrals when it is not possible to remove them from competition for legal reasons or at such short notice.