At the Men's World Boxing Championships here, President Umar Kremlev had announced that the governing body has ended its sponsorship with Russian state energy supplier Gazprom.

The money from the Gazprom sponsorship helped close "a significant debt accumulated by the CK Wu regime", according to the IBA.

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."

However, that has not stopped the International Federation from splashing the cash.

All 52 losing quarter-finalists received $3,000 (£2,410/€2,742) today, with Kremlev insisting that supporting the athletes and providing the right conditions for the boxers is a priority for the organisation.

The quarter-finalists also received boxing gloves with the Tashkent 2023 branding.

"IBA will stand for every boxer, for your right to represent your country," Kremlev said.

"We will support you with prize money so you are able to provide for your families and secure your future."

Asked about how the IBA can offer a big sum as prize money despite the Gazprom contract ending, Kremlev said during the media conference on day one that "licence" for hosting the World Championships plays a big role.

At the 2023 edition of the World Boxing Championships, gold medallists will receive $200,000 (£160,668/€182,820).

Silver and bronze medallists will earn $100,000 (£80,334/€91,410) and $50,000 (£40,167/€45,705), respectively in Tashkent.

Kremlev also announced that he plans to increase the prize money for gold medallists of the men's event to $1 million (£803,341/€914,100) by 2027.

IBA secretary general and chief executive George Yerolimpos added that the governing body has recently secured a six-year deal with sports equipment manufacturer Sting Sports and "10 big names in the sports industry".

Aliaksei Alfiorau, the 2021 World Championships bronze medallist, was among the athletes who thanked Kremlev for the latest initiative.

"Every year, thanks to President Umar Kremlev, the International Boxing Association is developing more and more," he said.

"This World Championships in Tashkent means a lot for us, Belarusians because here we can perform with our symbols of the country.

"From year to year, the IBA comes up with new goals and objectives for its athletes, it is very important that the boxers can earn money doing what they love.

"I am dissatisfied with my result in Tashkent because I know that I can do much better and deserve more, but I hope this World Championships will be an impetus for me to new heights."