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. 

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

In response, European countries have imposed economic sanctions 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 with drivers still being allowed to compete under 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 aforementioned countries from competing in UK events, such as the British Grand Prix at Silverstone.

F1 team Haas and F2/F3 outfit Hitech have terminated their sponsorship deals with Russian chemical company Uralkali. 

This meant Russian driver Nikita Mazepin has lost his drive in F1 for this year.

Speaking of the announcement, Ferrari CEO Benedetto Vigna said: “Ferrari stands alongside everyone in Ukraine affected by this ongoing humanitarian crisis.

“While we hope for a rapid return 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 the institutions that are bringing immediate relief to this situation.”