Russian Time was established by former Russian racing driver and manager Igor Mazepa and Motopark Academy team principal Timo Rumpfkeil in 2013. The team had sought an entry to the GP2 Series for two years before finally being accepted in 2013, replacing iSport International. iSport International withdrew from the series after being unable to secure a budget to compete in the upcoming season, and so its management elected to shut the team down in order to avoid bankruptcy.
The team won its first race in only its fourth appearance, when Sam Bird won the sprint race of the Bahrain round of the championship. The team took a second win on the streets of Monaco, with Bird finishing ahead of Kevin Ceccon after a fourteen-car pile-up on the opening lap forced nine drivers out of the race. In 2014, the team will made their debut in GP3 Series, taking Bamboo Engineering's slot and continue to participate in GP2, German Formula Three and ADAC Formel Masters.
The team's preparations for the 2014 season were disrupted by the death of Mazepa from complications relating to thrombosis in February 2014.
On 18 February 2014, it was announced that Motopark had ended their partnership with Russian Time, leaving the position of all those drivers signed on for the 2014 GP2 and GP3 seasons, in limbo.