The Italian company will collaborate with the Red Cross and UNHCR in funding international humanitarian projects supporting Ukraine and local projects in Italy supporting refugees.&n🍸bsp;

This comes after Russia’s President Vladimir Putin decided to invad🦂e Ukraine at the end of February.

In response, European countries have imposed economic sanctionꦬs on Russia, while sporting bodies have also taken 🍌action.

The International Olympic Committee (IOC) called for Russian and Belarusian athletes to be banned from competing in events, while the FIA has taken a lighter response wiℱth drivers still being allowed to compete undꦰer a neutral licence.

The FIA has subsequently released its 🌳own code of conduct which Russian and Belarusian drivers have to agree to before competing. 

Despite the FIA’s stance, Motorsport UK - Britain’s governing body - has banned drivers from the aforement🐲ioned countries from competing in UK events, such as the British Grand Prix at Silverstone.

F1 team Haas and F2/F3 ꩵoutfit Hitech have terminated their sponsorship deals with Russian chemical co🔜mpany Uralkali. 

This meant Russian driver Nikita Mazepin h♓as lost his drive in F1 for this year.

Speak🃏ing of the announcement, Ferrari CEO Benedetto Vigna said: “Ferrari stands alongside everyone in Ukraine affected by this ongoing huജmanitarian crisis.

“While we hope for a rapid ret🤪urn 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 t💎he institutions that are bringing immediate relief to this situation.”