Russia's VTB Bank Will not Renew IAAF Sponsorship Deal

Russia's second-largest bank VTB said on Thursday it would not renew a sponsorship contract with athletics' world governing body but insisted the decision has nothing to do with the doping scandal engulfing the sport.

"It (the contract) has expired," VTB first deputy president Vasily Titov was quoted as saying by RIA Novosti state news agency. 

"We did not plan to renew it. No, this has nothing to do with the doping scandal in any way."

Russia faces a possible ban from next year's Olympics in Rio de Janeiro over allegations of "state-supported" doping in athletics.

A report commissioned by the World Anti-Doping Agency (WADA) and released earlier this week outlined systematic doping in Russian athletics and large-scale corruption reaching up to government level.

The International Association of Athletics Federations (IAAF), the sport's world governing body, has given Russia until Friday to come up with answers to the allegations.

Russian President Vladimir Putin's spokesman initially rejected the accusations as "groundless." 

But the Russian president on Wednesday struck a more conciliatory note, saying that Russia must "do everything" to eradicate doping, ordering an inquiry into the allegations of major drug abuse in athletics.