Ferrari stripping Russian sponsor Kaspersky Lab from its Formula One cars
Governments concerned security software firm's products could be hacked by Russian agents
FOX Business Flash top headlines for March 18
Here are your FOX Business Flash top headlines for March 18.
Ferrari's Formula One team is hitting the brakes on its sponsorship from Russia's Kaspersky Lab.
Ferrari's Formula One cars will not feature the logos of sponsor Kaspersky Labs when the season starts in Bahrain on Sunday, March 20. (GIUSEPPE CACACE/AFP via Getty Images)
The automaker announced Thursday that it will not feature the logo of the company on its cars, uniforms and websites as it assesses its relationship with the software security firm.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RACE | FERRARI NV | 429.51 | +2.35 | +0.55% |
Italy is considering enacting national restrictions on Kaspersky's products, which are used by the government, due to concerns over hacking by Russian agents, Reuters reported. The German government has also issued a warning to users, but the company has yet to be added to any sanctions lists.
The Kaspkersky logo could be seen on the helmet's of Ferrari's drivers during testing in Barcelona in February. (Hasan Bratic/DeFodi Images via Getty Images)
"We fully understand the doubts of the institutional partners in the light of the ongoing tragedy. We are available to anyone who wants technical clarifications or wants to examine us," Kaspersky's general manager in Italy told newspaper Corriere della Sera on Wednesday.
The design of the Ferrari team's helmets has been updated to remove the Kaspersky logo. (MAZEN MAHDI/AFP via Getty Images)
Ferrari's drivers had the Kaspersky name on their helmets during preseason testing in Barcelona in February, but it was removed at last weekend's test session in Bahrain ahead of Sunday's season-opening race in the country. It has also suspended shipments of its production cars to Russia until further notice and has donated 1 million euros to help Ukrainian refugees.
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The Haas F1 team earlier this month terminated its contracts with Russian sponsor Uralkali and Russian driver Nikita Mazepin, who has since been added to the list of individuals facing sanctions by the European Union.