The International Gymnastics Federation has renewed a long-running sponsorship agreement with Russian bank VTB ©VTB

The International Gymnastics Federation (FIG) has renewed a long-running sponsorship agreement with Russian bank VTB for a further year.

It extends a deal which has existed between the two parties since 2009.

As part of the latest renewal, VTB has donated $1 million (£752,000/€857,000) to FIG which will be used to develop gymnastics disciplines and for development funds worldwide.

FIG President Morinari Watanabe thanked VTG's vice president Vasily Titov for their continued support.

Titov is also a vice president of FIG and President of the Russian Gymnastics Federation.

Morinari Watanabe welcomed the continued deal ©Getty Images
Morinari Watanabe welcomed the continued deal ©Getty Images

He was elected as vice president of the Russian Olympic Committee yesterday when Stanislav Pozdnyakov was confirmed as Alexander Zhukov's replacement as President.

"This partnership provides precious support for us in the development of gymnastics across the world," Watanabe said.

"We are delighted with this renewal of the unswerving trust VTB has demonstrated in each of the last ten years."