The FIA (Fédération Internationale de l'Automobile) has canceled the upcoming Intercontinental Drifting Cup event that was to be held in Sochi, Russia.

The Intercontinental Drifting Cup was scheduled for June in Sochi. (FIA)

"The FIA is watching the developments in Ukraine with sadness and shock and hopes for a swift resolution to the present situation," the motorsports governing body said.

The 2021 event was held in Riga, Latvia. (FIA)

"However, in the current circumstances, it is not possible to hold the 2022 FIA Intercontinental Drifting Cup, scheduled for the Sochi Autodrom this June. The thoughts of the FIA are with all those suffering as a result of the events in Ukraine."

Drift racers from around the world compete. (FIA)

The FIA had previously canceled the World Touring Car Cup scheduled for August in Sochi, and Formula One called off its event in the city that was planned for September 25.

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The FIA's World Motorsports Council convened an "extraordinary" meeting on Tuesday to discuss how to broadly handle the issue of Russian drivers and teams competing it the series under its jurisdiction.