As insidethegames reported earlier this month, Lukoil, TNK-BP and Tatneft had been battling the Government-owned Rosneft to win the battle to become the tier-one category partner for oil and oil products.

The sponsorship agreement was officially signed today by Dmitry Chernyshenko, the president and chief executive of Sochi 2014, and Sergei Bogdanchikov, president of Rosneft , at a ceremony in Sochi.

The event was attended by Alexander Zhukov and Dmitry Kozak., Russia's Deputy Prime Ministers.

Bogdanchikov also heads the Russia's summer Olympic sports association that his company gives money to.

He was elected to the post in 2006 on the recommendation of then-President Vladimir Putin, who is now the country's Prime Minister.

Bogdanchikov said: “We are very happy to win the right to be a Sochi 2014 partner.

"Sochi 2014 is an important national project and supporting it will increase the profitability of our company."

Rosneft will support Sochi 2014 in a number of ways during the Games' delivery.

This will include the supply of fuel on preferential terms to the organising committee, the Russian Olympic and Paralympic Committees, the Russian Olympic and Paralympic team and the State Corporation “Olympstroy” as well as the use of Rosneft’s recreational and sanatorium facilities in the Southern Region of Russia.

The deal will also include Rosneft supporting Russia's Olympic and Paralympic teams for the next four Games, starting at the Winter Games next year and also including London 2012.

Chernyshenko said: “It's extremely important for Sochi 2014 that Rosneft became the general partner for both the Olympic and Paralympic Games.

"This demonstrates that even in a difficult economic situation, Russian businesses are not neglecting their social responsibility.

"They are prepared to invest in projects aimed at improving opportunities for people with disabilities as well as constructing the necessary infrastructure to meet their needs.

“Rosneft have demonstrated their commitment to fund infrastructure developments within Sochi and the Krasnodar Region - these projects crucial in the preparation of Russia’s first Winter Games.

"I’m confident that our collaboration with Rosneft will ensure that the marketing potential of Sochi 2014 is fully realized and that the Games is staged to the highest international level.”

The news follows last month's announcement that state-controlled long-distance telephone company Rostelecom and Russia's number three mobile carrier, MegaFon, had pledged $260 million (£179 million) in sponsorship, plus a further $200 million (£137 million) to develop infrastructure in the region.