The IBA was expelled by the International Olympic Committee (IOC) following an Extraordinary Session last week, making it the first governing body to suffer the fate.

Since then, Kremlev has claimed that the body will focus on "pro-style boxing" and took a dig at IOC and even referenced "fascist Germany" in a statement soon after the expulsion.

The IBA was suspended by the IOC in 2019 due to issues with governance and finances among others.

Its sponsorship deal with Russian state energy giants Gazprom - not in place anymore according to the governing body - was criticised by the IOC.  

IOC director general Christophe De Kepper said during the Session that not showing new sources of revenue "demonstrated by any new signed contracts" was a cause for concern.

However, there seems to be no shortage of cash flow for IBA as they announced grants for National Federations worth $100,000 (£78,981/€91,538) by 2025.

"We are kindly asking you to indicate your sources of income from the National Federation you represent," an IBA statement signed by Kremlev said.  

"This is important for us to understand as our Financial Support Program (FSP) must be tailored to the needs of our National Federations and Confederations.

"We are pleased to share that we have secured funds for the next 4-year cycle to support our members, and the grants given will grow from $20,000 [£15,838/€18,307] to $50,000 [£39,596/€45,847] in 2024, and in 2025 the sum will reach $100,000 per National Federation.

"We are currently in the process of selecting a commercial partner from the several proposals we have received, and we are grateful to all companies that are willing to support the sport of boxing."

The IBA has also given National Federations an opportunity to discuss any concerns they have after its expulsion.

A deadline of July 7 has been set for any questions to be submitted through a feedback form.

It also announced plans to hold "Virtual IBA Forums" that will discuss the frequently asked questions in the feedback form.

The IBA said it will continue to develop boxing from the grassroots and is following closely those who are participating at the 2023 European Games in Poland.

The governing body also confirmed events for the calendar year, starting with the IBA Champions' Night in Phuket, scheduled for July 15.

The International Boxing Day and Global Boxing Forum is set for August 27.

Slovenia and Mexico will stage the WBT Golden Belt Series and Junior World Championships, respectively, in November.

Abu Dhabi has been named host of the WBT Diamond Belt Series, that is scheduled for December 15.