"On Thursday evening Formula 1, the FIA, and the teams discussed the position of our sport, and the conclusion is, including the view of all relevant stakeholders, that it is impossible to hold the Russian Grand Prix in the current circumstances."
So if the circumstances change, the race could be reinstated. This is not an official cancellation.
You make a good point, and considering the greediness of F1, if they situation were right, I have no doubt that they would go back.
That being said, the rumors are that F1 is looking for a replacement race to fill that spot. So if that spot gets filled quickly, then I'm sure this will be "officially" canceled. Also, a couple (perhaps more by now) of drivers have already said they won't race in Russia. But again, who knows how this plays out.
F1 considering Cancelling Russian Grand Prix Following being made look like fools after drivers themselves started announcing refusal to participate in any races on Russian soil.
"On Thursday evening Formula 1, the FIA, and the teams discussed the position of our sport, and the conclusion is, including the view of all relevant stakeholders, that it is impossible to hold the Russian Grand Prix in the current circumstances."
So if the circumstances change, the race could be reinstated. This is not an official cancellation.
[1] https://corp.formula1.com/formula-1-statement-on-the-russian...