Formula 1 says it has terminated its contract with the promoter of the Russian Grand Prix, removing the race from the annual schedule for the foreseeable future amid Russia's invasion of Ukraine.

"Formula 1 can confirm it has terminated its contract with the Russian Grand Prix promoter. It means that Russia will no longer have a race in the future," the circuit said in a statement on Thursday.

The move comes after the racing circuit removed the Russian Grand Prix from the 2022 schedule last week, noting that it was "impossible" to hold the race "in the current circumstances."

According to ESPN, F1 originally signed an agreement to stage the Russian Grand Prix in 2014, and the current contract extended through the 2025 season.

The street circuit race has been held annually in Sochi since that agreement was signed. The course twists through landmarks that were built to host the 2014 Winter Olympics.

F1's decision to sever the Russian Grand Prix's contract is just the latest punishment sports leagues have levied against Russia since it invaded Ukraine late last month.

On Monday, FIFA suspended the Russian national team from international soccer events, including the upcoming World Cup. That announcement came just days after UEFA said it was moving the 2022 Champions League Final from St. Petersburg to Paris.

Also, on Monday, the IOC suggested banning all Russian athletes from all sports from international competition. On Thursday, the committee announced that Russia and Belarus would not participate in the upcoming Winter Paralympic games.