Ward Racing, his team, said it was “deeply in shame” at his “unsportsmanlike” behaviour.
“Ward Racing sees no possibility for continued co-operation with Artem Severiukhin and will proceed with terminating his racing contract,” the team said.
The youngster later posted video messages in English and Russian on his Instagram account.
“I want to apologise to everyone for what happened yesterday,” he said.
“Standing on the podium I made a gesture that many perceived as a Nazi salute. This is not true. I have never supported Nazism and consider it one of the worst crimes against humanity.”
Severiukhin said he had “just wanted to make a gesture” to show gratitude and could not explain everything else that happened.
“I know I am a fool and I'm ready to be punished, but please believe ]there was no intention in my actions, there was no support for Nazism or fascism. There was no desire to offend spectators, fans, athletes or the team.”
WATCH | Russian teen karter apologises after Nazi salute storm
A 15-year-old Russian go-karter apologised for being “a fool' on Monday and denied fascist sympathies after he appeared to make a Nazi salute on the podium at a race in Portugal last weekend.
Motorsport's world governing body, the International Automobile Federation (FIA), saidt it had launched an immediate investigation into Artem Severiukhin's “unacceptable conduct”.
The Russian's Swedish team announced it would terminate his contract.
Video footage showed the youngster, racing under an Italian flag due to sanctions imposed on Russia after the invasion of Ukraine, tapping his chest with a clenched fist before raising his right arm in a salute and then laughing.
Italy's Gazzetta dello Sport described the gesture, made while the Italian anthem was played after the Russian won the opening round of the European championship OK category in Portimao, as a Roman salute.
Film of the incident was widely circulated and condemned on social media.
‘I had no choice, my people are dying’: Ukraine ambassador to SA on her ‘undiplomatic’ tweet
Ward Racing, his team, said it was “deeply in shame” at his “unsportsmanlike” behaviour.
“Ward Racing sees no possibility for continued co-operation with Artem Severiukhin and will proceed with terminating his racing contract,” the team said.
The youngster later posted video messages in English and Russian on his Instagram account.
“I want to apologise to everyone for what happened yesterday,” he said.
“Standing on the podium I made a gesture that many perceived as a Nazi salute. This is not true. I have never supported Nazism and consider it one of the worst crimes against humanity.”
Severiukhin said he had “just wanted to make a gesture” to show gratitude and could not explain everything else that happened.
“I know I am a fool and I'm ready to be punished, but please believe ]there was no intention in my actions, there was no support for Nazism or fascism. There was no desire to offend spectators, fans, athletes or the team.”
Ukraine calls for more sanctions, weapons to stop Russia’s ‘catastrophe’
The FIA, which is also Formula One's governing body, announced last month it would continue to allow individual Russian drivers to take part in its competitions but not under the country's flag as no Russian symbols or colours can be displayed.
Ward said three Ukrainian families were travelling with the team because they had no home to return to and the team was proud of Sweden's decision to send weapons to help Ukraine.
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