Finnish Boxing Federation (FBF) executive director Marko Laine announced the decision, citing the IBA's strong ties with Russia as its reason, according to Yle Urheilu.

"The IOC [International Olympic Committee] has already shelved the IBA and the qualifying tournaments for the Olympics are events organised by the IOC," Laine was quoted as saying by Yle Urheilu.

"There should not be Russians or Belarusians involved in these events.

"We want to continue participating in the Olympics and we believe that World Boxing will make participation possible.

"The Boxing Federation still strongly condemns Russia's war of aggression."

The FBF has started its application process to join World Boxing, described by IBA as a "rogue organisation".

However, IBA has expressed its "regret" at National Federations "misled by the concept of dual membership" and said that it is yet to receive resignation papers from several members, including FBF.  

"For clarity, the IBA has not received resignation papers from several National Federations that announced their applications to said boxing body," the IBA told insidethegames when asked about FBF's resignation.

"This includes the Finnish Boxing Federation and some others that have not officially left the organisation and are still deemed members of IBA as of now.

"The IBA regrets to see that some National Federations are still misled by the concept of dual membership, which is simply not possible nor an option for IBA."

Finland is yet to secure a quota place at Paris 2024 and has won 16 Olympic medals - two gold, one silver and 13 bronze - so far.

Its last gold medal came at Helsinki 1952 when Pentti Hämäläinen won the now discontinued bantamweight division.

Mira Potkonen has won Finland's last two boxing medals, taking bronze at both Rio 2016 and Tokyo 2020 in the women's lightweight division.

FBF's decision to leave IBA comes after an Extraordinary General Meeting of the FBF that also saw a new Board being elected.

Kirsi Korpaeus was elected as the new chairman, with Päivi Ahola and Markku Rautio set to serve as vice-chairmen.

Other Board members elected included Laura Sirviö, Jouko Salo, Olli Miettinen, Markku Rantahalvari, Juho Haapoja and Pekka Mäki.

Yesterday, World Boxing announced 40 nominations without revealing names for its elections due to be held at the inaugural Congress in November.

Formed in April, the body is yet to secure IOC recognition, while a date and venue for its inaugural Congress is also not confirmed.

World Boxing currently has 12 official members - United States, New Zealand, Australia, GB Boxing, England Boxing, The Netherlands, Canada, Brazil, Argentina, Germany, Honduras and Sweden.

Recently, SwissBoxing reversed its decision to quit IBA and join World Boxing after members complained the decision was taken without consultation.

Last week, the Irish Athletic Boxing Association pledged its allegiance to the IBA following a vote to leave the Umar Kremlev-led organisation fell short of the required 75 per cent of ballots by four.

The IBA, despite becoming the first International Federation to be expelled from the Olympic Movement in June, continues to boast 195 National Federations, and calls itself the "home of boxing".

The IBA was suspended since 2019 due to governance issues and will not play a role in hosting the boxing tournaments for the second consecutive Olympic Games in Paris next year.

The IOC had confirmed that boxing is set to feature at Los Angeles 2028, after it was left off the initial programme.