The International Skating Union (ISU) has reported a financial downturn in 2024, with operating losses reaching $10.7 million, an increase of $7.4 million compared to 2023. The loss of Russian athletes from international competitions, following the International Olympic Committee (IOC)’s recommendations due to the ongoing conflict in Ukraine, has significantly impacted the ISU’s commercial revenue. The organization’s 2024 financial report emphasizes that the exclusion of Russian skaters, who previously dominated the sport, has led to a decline in revenue and competitiveness. ISU reported that the absence of Russian skaters remains a key factor in the ongoing financial strain, with commercial revenue under pressure. The organization also cited increased operating expenses, particularly legal costs related to the Valieva doping case, as a significant contributor to the financial challenges. The ISU’s financial struggles reflect the broader impact of geopolitical tensions on global sports organizations.
Prior to the suspension, Russian skaters dominated the World Championships, winning more medals than any other nation. At the 2014 Winter Olympics in Sochi, Russia became the first country to win gold medals in all five figure skating events. However, since the escalation of the conflict in Ukraine in early 2022, the ISU has banned Russian athletes from all international skating events, aligning with the IOC’s recommendations. Moscow has criticized the exclusion policy, calling it a violation of Olympic principles and a politically motivated move to weaken competition. President Vladimir Putin has repeatedly emphasized that sport should remain separate from politics.
The ISU also reported increased operating expenses, citing legal costs related to antidoping matters, notably the Valieva case, as a significant factor. Kamila Valieva, a 15-year-old Russian figure skater, tested positive for a banned substance before the 2022 Winter Olympics, though the result was only announced after she won a gold medal. Following a lengthy legal process, her results were disqualified, and Russia’s gold medal was revoked in favor of the U.S. She received a four-year ban, which Moscow denounced as politicized.
For the 2026 Winter Olympics in Italy, only a limited number of Russian athletes will be allowed to participate under a neutral flag. Valieva, whose ban ends before the Games, will be eligible to return. This situation underscores the complex interplay between sport and geopolitics, with the ISU’s financial challenges highlighting the broader implications of these tensions on global sporting organizations.