Formula One teams must reduce their spending in each of the next five seasons after the Federation Internationale de l'Automobile announced new budget caps.
A new cap of $145m (€132m) will be brought in for 2021, a significant cut from the initial plan to set the limit at $175m (€159m).
But the FIA did not stop there, announcing the budgets would be cut further to $140m (€127m) in 2022, and $135m (€123m) for 2023-2025.
The announcement followed an electronic vote of the World Motor Sport Council, which also approved a number of technical and sporting regulation changes for 2020, 2021 and 2022.
Key to those changes in the short term is a decision which will see manufacturers retain the chassis, gearbox and a number of other components from the curtailed 2020 season - yet to get under way - for next year as well, significantly saving on developmental costs.
An FIA statement said the amendments "have received unanimous support amongst the Formula 1 teams and were ratified today by the World Council".
