Kremlev said that "sports authorities" recommended IBA to terminate the contract, but the International Federation chose to complete the obligations.

"Our contract with Gazprom ended in December 2022," Kremlev said.

"We are grateful to them for helping us in a difficult period.

"In June or July, we will have a new sponsor, but as of now there is no contract with Gazprom."

The deal with Gazprom was one of Kremlev's first orders of business when he became IBA President in December 2020.

It has been a cause of displeasure for the International Olympic Committee (IOC) and the situation worsened after the Russian invasion of Ukraine in February last year.

"Some sports authorities were giving us recommendations on finishing up the Gazprom contract and terminating it," Kremlev admitted.

"We did not terminate the contract as there were obligations to complete.

"Most National Federations were against Gazprom being sponsor at first, but at the [IBA] Congress in Abu Dhabi, there were no objections."

Apart from governance and refereeing issues, one of the main concerns for IOC has been the IBA's finances.

The IBA was suspended in 2019 and the governing body was on the verge of "financial ruin" under the leadership of former President CK Wu, when the governing body was called International Amateur Boxing Association (AIBA).

The boxing governing body has claimed in the past that sponsorship with Gazprom "closed a significant debt accumulated by the CK Wu regime".

But Kremlev claimed that the loss of Gazprom had been compensated for by deals with other companies.

"As of today, we have plenty of other companies sponsoring us," he said.

"We are negotiating with bigger companies as well.

"We will extend [Gazprom] if there is an opportunity.

"We are thankful for Gazprom.

"As of today, the question is open.

"So far we have not renewed it.

"We are trying to be self-sufficient."

A report published by Canadian law professor Richard McLaren last year also claimed that the controversial sponsorship with the Russian energy giants saved IBA.

"The financial input by Gazprom put an end to the jeopardy that AIBA put itself in and saved it from financial collapse," the McLaren Report said.

"Whatever the debate of the source of the funds, it has ensured the continuing survival of the IBA."

Asked about how the IBA can offer a big sum as prize money despite the Gazprom contract ending, Kremlev claimed that "licence" for hosting the World Championships contributes to the prize money.

At the Men's World Boxing Championships here, gold medallists will receive $200,000 (£159,000/€ 180,000).

Silver and bronze medallists will earn $100,000 (£79,500/€90,000) and £50,000 (£40,000/€45,000), respectively in Tashkent.

The Russian official also confirmed insidethegames' story last night that he plans to increase the prize money for gold medallists of the to $1 million (£800,000/ €900,000) by 2027.

"The host license money is the financial source for the prize money," Kremlev said.

"We have TV rights.

"Around 120 TV licenses were sold.

"We also money from marketing.

"Boxing is popular.

"It does not require much PR.

"Thankfully many companies are willing to sponsor boxing."

IBA secretary general George Yerolimpos added that the governing body has recently secured a six-year deal with sports equipment manufacturer Sting Sports.

The Greek administrator also added that a four-year deal with German sports brand Adidas has also been secured.

"In total, 10 big names in the sports industry have joined us," Yerolimpos said.