Uralkali Announcement


Uralkali (the Company or the Claimant), one of the world’s largest producers of potash, announces that, as part of its arbitration proceedings against Haas Formula LLC (the Respondent), the reliefs sought by the Company were served on the Respondent, which are as follows:

  • the Respondent shall reimburse US$ 12 million yearly title sponsorship fee paid by the Claimant;
  • the Respondent shall pay damages, including reputational damages, to the Claimant for the breach of the sponsorship agreement in the amount to be duly assessed at a later stage;
  • the Respondent shall pay the lost profits to the Claimant in the amount to be assessed at a later stage;
  • the Respondent shall provide to the Claimant one Uralkali Haas F1 Team’s race car (with its power unit and gearbox removed) with Uralkali identification that was used by one of the race drivers in at least one race of the 2021 Formula 1 season.
  • the Respondent shall pay interest of 5% per annum since 4 March 2022 on any amount awarded;
  • any such further or other relief that the arbitral tribunal considers just and appropriate.

The Company will be updating all stakeholders about the progress of the arbitration subject to applicable disclosure limitations.

Uralkali (www.uralkali.com) is one of the world’s largest potash producers and exporters. The Company’s assets consist of 5 mines and 7 ore treatment plants in the towns of Berezniki and Solikamsk (Perm Region, Russia). Uralkali employs more than 13,300 people in the main production unit.