An agreement was signed after RUSAL, the world's second largest aluminium company by primary production output, was recognised as the winner of an open competition for selection as a sponsor.

More than 1,400 award and prize medals will be supplied, as well as over 1,400 award badges and cases for them.

The main body of the medals and badges will be made of innovation aluminium alloys and covered with precious metals - gold, silver or bronze.

Krasnoyarsk Aluminium Works will be the site for production of the aluminium to be used in the manufacture of medals.

Earlier this week, United States Treasury secretary Steven Mnuchin exclusively told Reuters that it is open to removing RUSAL from a US sanctions list, adding the objective was "not to put RUSAL out of business".

In April, the Treasury imposed sanctions against billionaire Oleg Deripaska and the eight companies in which he is a large shareholder, including RUSAL, in response to what it referred to as "malign activities" by Russia.

The 2019 Winter Universiade is due to take place from March 2 to 12.

Athletes will compete for 76 sets of medals in 11 sports: Alpine skiing, bandy, biathlon, cross-country skiing, curling, figure skating, freestyle skiing, ice hockey, short track, ski orienteering and snowboarding.

Russian Sports Minister Pavel Kolobkov recently held a meeting with the Krasnoyarsk 2019 Supervisory Board in Moscow.

Krasnoyarsk 2019 director general Maxim Urazov confirmed at the meeting that 58 countries have now registered to compete at the event.

He also revealed that draft scenarios for awards ceremonies for athletes had been approved.