Usmanov was one of a number of Russian oligarchs sanctioned by the EU for alleged ties to Russian President Vladimir Putin.

The Uzbekistan-born billionaire said he believed the decision was "unfair", and vowed to challenge the measures imposed.

Usmanov was elected unopposed for a fourth term as FIE President last November, receiving congratulations from International Olympic Committee (IOC) President Thomas Bach.

insidethegames has previously calculated that he donated around CHF80 million (£65 million/$87 million/€77 million) to fencing's world governing body over the course of three Olympic cycles to 2020.

The 68-yearold has opted to "suspend the exercise of my duties as President of the International Fencing Federation effective immediately until justice is restored", and vowed to challenge the EU's sanctions.

Usmanov had been FEI President since 2008.

"On 28 February 2022 I became the target of restrictive measures imposed by the European Union," a statement from Usmanov read.

"I believe that such a decision is unfair, and the reasons employed to justify the sanctions are a set of false and defamatory allegations damaging my honor (sic), dignity, and business reputation.

"I will use all legal means to protect my honor and reputation."

The measures imposed include an asset freeze and a prohibition from making funds available to Usmanov and the 25 other prominent individuals sanctioned, as well as a travel ban to prevent them from entering or transiting through EU territory.

Usmanov was named in the updated regulation in the Official Journal of the European Union as a "pro-Kremlin oligarch with particularly close ties to Russian President Vladimir Putin".

It added: "[Usmanov] has been referred to as one of Vladimir Putin’s favorite (sic) oligarchs.

"He is considered to be one of Russia's businessmen-officials, who were entrusted with servicing financial flows, but their positions depend on the will of the President."

A spokesperson for Usmanov last night told insidethegames "we won't be providing a comment at this stage".

The EU took its latest steps as the backlash against Russia's military offensive on Ukraine continues.

Hundreds of civilians have been killed since the beginning of the attack on Thursday (February 24), while it is estimated by the United Nations’ Refugee Agency that more than 520,000 people have fled Ukraine.

The IOC yesterday recommended that all athletes and officials from Russia and Belarus are banned from international sporting events, and reiterated its plea for events due to be staged in the two countries to be moved or cancelled.

The FIE's present position is that its Executive Committee has opted to implement "the recommendations of the IOC as issued on February 25, 2022".

It has also said "further consultations of the FIE Executive Committee are currently taking place and other decisions will be communicated shortly".

The IOC's statement on Friday (February 25) urged International Federations to relocate or cancel events planned in Russia and Belarus and for both countries' flags and anthems to be banned from events, although it stopped short of the move taken yesterday to advise against the involvement of Russian and Belarusian athletes and officials in competitions.

Both the IOC and the International Paralympic Committee have faced calls to go further and suspend both countries' National Olympic Committees and National Paralympic Committees.

On Sunday (February 27), an FIE World Cup event in Sochi was called off on the final day of competition.

In 2020, Usmanov paid $8,806,500 (£6,764,543/€7,916,191) to buy the historic manuscript in which Baron Pierre de Coubertin laid out plans to revive the Olympic Games, and subsequently donated the artefact to the Olympic Museum in Lausanne.

Outside of the Olympic Movement, Usmanov has ties to Premier League football club Everton as USM Holdings - owned by Usmanov - holds a naming rights option on the club's new Bramley-Moore Dock stadium once built, having been granted first refusal on having the ground named after the company.

USM chairman Farhad Moshiri is the majority owner of Everton.