“All conversations with the FIA around Cost Cap and next steps are on hold until further notice,” said the team.

“The deadline for agreement has been extended and we expect talks to pick back up middle of the week.”

Red Bull committed a ‘minor’ breach of the cost cap in Max Verstappen’s title-winning 2021 season, and Sky Sports understands they overspent by $1.8m.

The FIA, in line with the financial regulations, proposed an accepted breach agreement [ABA] to Red Bull, which would see them admit the guilt they have protested from the outset, but likely receive a lesser punishment.

Two of the more serious punishments Red Bull could receive if they fight their case and don’t accept an ABA – points deductions and a reduction in future cost caps – are off the table if they agree terms with F1’s governing body.

Team boss Christian Horner said in an emotionally-charged press conference on Saturday that Red Bull had been unfairly labelled ‘cheats’ by rivals, had been caught out by a rule change, and had “zero benefit” from the breach.

It is understood that their initial submission to the FIA back in March was $4.5m under the cap.