"As an organisation, we condemn abuse of any kind and have a zero-tolerance policy to racist language or behaviour within our organisation."
Vips, 21, apologised on social media.
"I wish to unreservedly apologise for the offensive language used during a live gaming stream earlier today," he said.
The Estonian driver currently sits seventh on the F2 standings.
"This language is entirely unacceptable and does not portray the values and principles that I hold.
"I deeply regret my actions and this is not the example I wish to set.
"I will co-operate with the investigation fully."