In a statement the ISSF said: "Following the respective decision of the International Olympic Committee (IOC) Executive Board and a meeting with the IOC President, the ISSF decided that athletes from the Russian Federation and Belarus will not be allowed to take part in ISSF Championships."

The decision came into force at 4pm CET today, during the second day of the ongoing ISSF World Cup in Cairo, Egypt.

The ISSF has been led by Lisin since November 2018 when he beat Luciano Rossi of Italy by 148 votes to 144.

Lisin, 65, who according to Forbes, has an estimated net worth of $23.8 billion (£17.8 billion/€21.4 billion), chairs Russia’s largest steel manufacturer Novolipetsk Steel.

He also owns rail freight operator First Cargo, port facilities operator UCL Port and shipping company VTBH.

According to the Bloomberg Billionaires Index, Lisin lost an estimated $3.9 billion (£2.9 billion/€3.5 billion) on February 24, when the MOEX Russia Index, the country’s stock market index, closed 33 per cent down on the previous day, following Russia’s invasion of Ukraine.

The index also calculates that in the year to date Lisin has lost $7.19 billion (£5.39 billion/€6.46 billion).

The President of the Italian Shooting Federation Luciano Rossi yesterday wrote to Lisin and the President of the European Shooting Confederation Alexander Ratner regarding Russia and Belarus' invasion of Ukraine urging the organisations to "take an official position on this issue."

Russia has already been stripped of hosting rights for the 2022 European Shooting Championships, which were set to take place in Moscow in August.

The ISSF is among several International Federations to ban Russian and Belarusian athletes from competing in its events in connection with the ongoing war in Ukraine.