Russian bank VTB will not renew IAAF sponsorship

VTB has decided against renewing it's sponsorship with IAAF. Credit: Reuters

Russian bank VTB is to end its sponsorship of international athletics - but has insisted the decision is not connected with the doping scandal.

VTB, the second-largest bank in Russia, has a deal which expires at the end of 2015 and will not be renewing the deal, said athletics' world governing body the IAAF in a statement.

"VTB has expressed no interest to extend its present contract, the last event of which was the IAAF World Championships in Beijing. The contract will come to a natural end in 2015," said the IAAF.

VTB first deputy president Vasily Titov told the RIA Novosti news agency: "We did not plan to renew it. This has nothing to do with the doping scandal in any way."