Giedo van der Garde will not race at this weekend's Australian Grand Prix after reaching a settlement with Sauber.

An Australian court had ruled that the constructor must make efforts to offer the Dutchman a seat for the race in Melbourne, and team principal Monisha Kaltenborn had been threatened with prison if the team failed to comply.

However, Van der Garde has revealed that he has dropped his quest to race at Albert Park "with respect to the interest of motorsport".

In a statement, he said: "As I am a passionate race driver this decision has been very difficult for me.

"However I also wish to respect the interest of the FIA, Sauber Motorsport, as well as [Felipe] Nasr and [Marcus] Ericsson.

"My management will continue talks with Sauber early next week to find a mutually acceptable solution for the current situation that has now arisen. I am confident such solution will be found and I will inform the media once done."

Van der Garde raced for Caterham in 2013.