As long as a country's flag is there, world politics are involved, in a way or another.
There were already cases (they may have been related to doping though) the sportsmen were allowed, but without representing the country. Maybe this should be done more wider: we're all human, why represent one country or another? (Imho all countries should unify - but not through war, obviously - and ruled by individuals employed for the job based on actual skills.)
Is it the owner or "just" the main sponsor?
BTW, in the F1 world where everybody wants to become a driver, I don't know what's going to happen with Nikita Mazepin.
I've read "rumors" that he may get banned from F1, and obviously there's no shortage of possible replacements.
Did you read about Bernie Ecclestone latest interview defending Putin?!