Russia's 2016 world chess title challenger Sergey Karjakin will be among home hopes at the FIDE World Cup that will take place in Sochi ©Getty Images

Andrey Filatov, President of the Russian Chess Federation, has high hopes of home victories when Sochi hosts the World Cup - open to men and women - and the newly created women’s World Cup which are now underway and due to conclude on August 6.

"We hope that some of our chess players will be able to win the World Cup, of course," Filatov told Russia’s official state news agency TASS. 

"But we will be watching with particular attention the performance of our young grandmasters, our future.”

Russia are due to represented by 24 participants in the open World Cup,  including the four-time winner of the World Team Championship, Alexander Grischuk, and Sergey Karjakin, winner of the 2015 World Cup, whose challenge to world champion Magnus Carlsen of Norway failed on a tie-break after they had drawn 6-6.

Seven of the top women's players will be taking part in the open World Cup.

Carlsen, who will defend his world title again later this year when he meets the winter of the recently concluded Candidates Tournament, Russia’s Ian Nepomniachtchi, is among the 206 players involved.

Nepomniachtchi, who is busy preparing for his big match, will be competing neutrally in line with the World Anti-Doping Agency's two-year sanction on his country.

Others involved include Fabiano Caruana of the United States, who lost his challenge for Carlsen’s title on a tie-break in 2018, Armenian Levon Aronian and Anish Giri of The Netherlands.

The top two finishers in the open tournament, apart from Carlsen, will qualify for the 2022 Candidates Tournament,

The total prize fund for the open tournament is $1,892,500 (£1,361,000/€1,593,500), the women's tournament $676,250 (£486,500/€569,500).

The hosts are represented by 15 players in the inaugural women’s World Cup, originally due to have been played last year, including top seed Alexandra Goryachkina, Ekaterina Lagno and Alina Kashlinskaya.

Norway's world chess champion Magnus Carlsen is among those taking part in the FIDE World Cup in Sochi that will conclude on August 6 ©Getty Images
Norway's world chess champion Magnus Carlsen is among those taking part in the FIDE World Cup in Sochi that will conclude on August 6 ©Getty Images

The women's tournament will involve 103 players, including Ukrainians Maria and Anna Muzychuk, Georgian Nana Dzagnidze, Harika Dronavalli of India and China’s Tan Zhongyi.

The World Cup is part of the International Chess Federation (FIDE) World Championship cycle.

"There are very few refusals to participate in competitions, in fact, this confirms that the decision to hold the World Cups is correct," FIDE President Arkady Dvorkovich told TASS.

"We are preparing to ensure the safety of the participants at the highest level. 

"The chess players are confident in us."