Mere days ago, Formula One boss Bernie Ecclestone remained certain Formula One will race for the first time in Russia on Oct. 12.

Amid the Ukrainian crisis and the downing of Malaysian Flight MH17, the F1 chief executive defended his decision to resist calls to cancel the inaugural Sochi event.

"We have a contract, and I respect contracts. So we're going there," Ecclestone told the Swiss newspaper Blick.

And last week, Ecclestone reiterated his admiration for Vladimir Putin, saying the controversial Russian president is "easy to deal with. A nice guy.

"Super guy," Ecclestone said. "Trustworthy. He wants to get the race done and he will get it done."

But that was just before the very latest developments in Russia, as the West has stepped up condemnation of Putin for boldly stepping up his military stance against Ukraine. Reports suggest European and U.S. officials will meet this week to consider new sanctions against Putin's regime.

The Financial Times of London claims the European Union is considering recommending Russia's suspension from "high-profile international cultural, economic or sporting events" including the World Cup and Formula One.

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