Ferrari to donate €1 million to support Ukraine amid Russia invasion

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Ferrari has said on Tuesday it will donate €1 million to Ukraine amid Russia's ongoing invasion of the country.

The car manufacturer said in a statement: "The funds will be channeled through the Emilia-Romagna Region that, in collaboration with the Red Cross and UNHCR, will fund international humanitarian projects supporting Ukraine as well as local initiatives focusing on the reception of refugees in the Italian region.

"Additionally, aid will go to the Association Chernobyl of Maranello, Fiorano, Formigine -- ONLUS to provide for the needs of the Ukrainians who will be hosted in the area near the Company.

"Furthermore, given the ongoing situation Ferrari has taken the decision to suspend the production of vehicles for the Russian market until further notice. We continue to monitor the situation closely and will always respect all rules, regulations and sanctions."

The new F1 season starts with the Bahrain Grand Prix on March 20.

"Ferrari stands alongside everyone in Ukraine affected by this ongoing humanitarian crisis", Ferrari chief executive Benedetto Vigna said.

"While we hope for a rapid return to dialogue and a peaceful solution, we cannot remain indifferent to the suffering of everyone affected. Our thoughts and support go out to them. We are playing our small part alongside the institutions that are bringing immediate relief to this situation."