Team Russia announced it has suspended racing upon arrival in Singapore at the end of Leg 3 due to insufficient funds to continue the campaign.
The team has been seeking sponsorship in recent months to secure enough financial support to continue to Qingdao and beyond.
However no sponsorship has been forthcoming and the team has no alternative but to suspend racing until further financial support can be secured.
“From the outset, it was always a goal to bring commercial partners into the project,” said Oleg Zherebtsov, the Team principal. “Until now, I have financed the team with my own money, in advance of anticipated sponsorship funding.
"By this stage in the Volvo campaign we had intended to find sponsorship, but this process has been impacted by the global economic situation.”
Cessation of racing also means that Team Russia is unable to continue its partnership with the Whale and Dolphin Conservation Society (WDCS).
The team was proud to “Sail For The Whale”, during the first three legs of the race and was instrumental in spreading the call for safe habitats for whales and dolphins around the globe.
WDCS is very proud to have been a part of this race and will continue to work for the creation of 12 large marine protection areas by the year 2012 and will find new ways to work with the international sailing community as well as the general public to achieve this goal.