Piquet, who won the title in 1981, 1983 and 1987, used a racially offensive term in referring to Hamilton.
F1 released a statement saying: “Discriminatory or racist language is unacceptable in any form and has no part in society.
“Lewis is an incredible ambassador for our sport and deserves respect.
“His tireless efforts to increase diversity and inclusion are a lesson to many and something we are committed to at F1.”
Piquet was discussing the accident between Hamilton and Max Verstappen on the first lap of last year’s British Grand Prix.
Mercedes, Hamilton’s team, also released a statement, which reads: “We condemn in the strongest terms any use of racist or discriminatory language of any kind. Lewis has spearheaded our sport’s efforts to combat racism, and he is a true champion of diversity on and off track.
“Together, we share a vision for a diverse and inclusive motorsport, and this incident underlines the fundamental importance of continuing to strive for a brighter future.”
Piquet has a history of making controversial comments, but the recent remark has sparked a huge reaction, as you’d expect, from the entire F1 community.
Speaking on the matter, the FIA said: “The FIA strongly condemns any racist or discriminatory language and behaviour, which have no place in sport or wider society.
“We express our solidarity with Lewis Hamilton and fully support his commitment to equality, diversity and inclusion in motor sport.”
It is fair to say that Piquet’s comments have angered the F1 community, and rightly so.
This afternoon, Hamilton took to Twitter to share his thoughts on the recent incident.
He tweeted: “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.”