Mazepa launched his squad last year, taking over iSport's GP2 entry and winning the series' teams' title at the first attempt, with Sam Bird contending for the drivers' championship.
Russian Time has also entered GP3 for this season, and Mazepa had openly admitted he had plans to climb towards Formula 1 in the future.
A proud Russian whose cars bore the nation's flag, he played a significant role in making sure GP2 and GP3 were on the support bill for F1's first Russian GP at Sochi in October this year.
GP2
Vandoorne: I had to dominate GP2
12/10/2015 AT 14:55
The only information known so far about his death, which occurred on Monday February 3, is that it was due to thrombosis.
GP2
Vandoorne seals GP2 title in Russia
11/10/2015 AT 09:17
GP2
Rossi wins after Lynn crashes out
10/10/2015 AT 15:37