As I guessed, F1 is taking a wait and see approach so far.

A Formula One statement said: "Formula One is closely watching the very fluid developments like many others and at this time has no further comment on the race scheduled for September. We will continue to monitor the situation very closely."

https://www.espn.com/f1/story/_/id/...-gp-status-sebastian-vettel-says-boycott

One interesting side effect is how sanctions could affect sponsors and even Mazepin's ability to attend races. Those I had not considered.

To achieve anything in this game you must be prepared to dabble in the boundary of disaster — Stirling Moss