(MENAFN) The International Skating Union (ISU) has reported a sharp financial downturn, attributing a significant portion of its losses to the continued ban on Russian athletes from international competition. According to its 2024 financial report, the ISU recorded an operating loss of approximately $10.7 million—nearly $7.4 million more than the previous year.

The report highlights the impact of the Ukraine conflict, stating that the absence of Russian skaters has closed off a crucial market and diminished the overall competitiveness of events. Commercial revenues have also suffered, as Russian athletes previously drew considerable global interest and viewership.

Following the escalation of the Ukraine war in early 2022, the ISU suspended Russian participation in line with International Olympic Committee (IOC) guidelines. Before the ban, Russian skaters were dominant in international figure skating, consistently topping medal tables and achieving historic wins, including sweeping all five gold medals in figure skating at the 2014 Sochi Winter Olympics.

Moscow has harshly criticized the IOC’s stance, claiming it undermines the Olympic spirit and serves political agendas. Russian President Vladimir Putin has repeatedly emphasized that politics should not interfere with sports.

The ISU also noted rising operating costs, particularly due to legal expenses from anti-doping cases—most notably involving Kamila Valieva. The teenage Russian figure skater tested positive for a banned substance before the 2022 Beijing Winter Olympics, but the result was revealed only after she won gold. Her results were later annulled, the gold medal reallocated to the U.S., and she was banned from competition for four years. Russia labeled the punishment as politically driven.

Although most Russian athletes remain barred from the 2026 Winter Olympics in Italy, a limited number may compete under a neutral flag. Valieva, whose ban will expire before the Games, could potentially return to the sport.

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