The IBA imposed the ban in March in response to the International Olympic Committee recommending International Federations exclude athletes from the two countries because of the invasion of Ukraine.

A complete overturn of the suspension, meaning athletes from the two countries will be able to represent their nations under their national flags, has been passed by the IBA Board of Directors.

Russian Sports Minister Oleg Matytsin believes this is a significant triumph for the country and hopes more bodies follow in the IBA's path.

"I sincerely want to congratulate our boxers on a very important victory - they are not only allowed to compete, but now they will be able to compete under the flag of Russia," Matytsin said, according to Russia's official state news agency TASS.

"There are many Olympic champions in our country who have written their names in the history of world boxing.

"The position of the International Boxing Association meets all standards [of] sports law.

"Sport should be out of politics, and athletes, no matter what country they are, should remain on an equal footing and participate in competitions.

"I hope that many International Federations will follow the example of the IBA and demonstrate their commitment to sports values by allowing Russians to compete under their auspices."

Dmitry Peskov, press secretary of Russian President Vladimir Putin described the IBA decision as "very important and positive news."

"We see that, unfortunately, so far this is a very rare example of a federation that manages to defend the interests of our athletes," Peskov said, as reported by TASS.

"This is not a reason to calm down. 

"On the contrary, it is only an additional impetus for our sports authorities to continue efforts to defend the interests of our athletes.

"Our elite sport can and should have the right to compete in international competitions, we must fight for it."

Russian Olympic Committee President Stanislav Pozdnyakov has also expressed satisfaction at the decision.

"There has been a lot of talk lately about the change in rhetoric at the level of the International Olympic Committee and sports federations regarding the removal of Russian and Belarusian athletes from participation in competitions," Pozdnyakov said, as reported by TASS.

"Now we see the first practical actions.

"Now it is important to wait for implementation today's decision, how it will happen already in a purely sporting plane."

The European Boxing Confederation (EUBC) says it will follow the IBA's lead and allow Russian and Belarusian participation at its events - but not at the upcoming Women's European Championships in Montenegro.

This is because the entry list has already closed, according to the EUBC.

This will be a disappointment for the Russian Boxing Federation, which had targeted the event in Budva for its return to international competition.