Nelson Piquet must pay 5 million reals ($953,050) by decision of a Brazilian court, according to media reports. Piquet was punished for racist and homophobic comments against F1 star Lewis Hamilton.
The Briton himself said he has been surrounded by racism all his life and called for an end to racial slurs in motorsport.
"It’s more than language. These archaic mindsets need to change and have no place in our sport. I've been surrounded by these attitudes and targeted my whole life. There has been plenty of time to learn. Time has come for action," he said on Twitter.
Nelson Piquet later apologized for his comments, but said he did not racially insult the Briton, and it was all about mistranslation.
Piquet's words were condemned by Formula One, the International Automobile Federation (FIA) and Mercedes, Hamilton's team.
Hamilton is the first driver in the history of Formula 1, who has won 100 Grand Prix. This season, the Briton is in fifth place in the overall standings.