Povetkin faced disciplinary proceedings after failing for the heart attack drug in a blood sample in April.

He had been due to meet WBC heavyweight champion Deontay Wilder of the United States in May, but a subsequent suspension meant the fight was cancelled and Wilder was allowed to arrange a voluntary defence against fellow American Chris Arreola last month, a bout which he won.

Povetkin claimed, however, to have only taken the product last year, so before it was added to the World Anti-Doping Agency banned list on January 1.

The WBC has said he won't be banned given the impossibility to scientifically prove that he ingested meldonium after January 1.

The organisation also stated the Voluntary Anti-Doping Association will design a specific testing protocol for Povetkin at his own cost and expense for a year.

In the event that Povetkin tests positive again within the next year, he will be suspended from participation in any WBC-sanctioned events "indefinitely".

With Wilder having undergone hand surgery in the wake of his victory over Arreola, the WBC has decided to match 36-year-old Povetkin with former champion Stiverne.

It comes at a time when litigation proceedings between Povetkin and Wilder's promoters over the cancelled fight are ongoing. 

"We won," Povetkin's promoter Andrey Ryabinsky said on Twitter.

"Povetkin has been vindicated, and must now fight Stiverne because Wilder is injured.

"I'll still keep up the legal action against Wilder's team."

Stiverne, who had been considered a potential second challenger for Britain's Anthony Joshua's International Boxing Federation title, lost the WBC crown with a unanimous points defeat to Wilder in January of last year.

Wilder is aiming to make a comeback in January of next year and could face the winner of the clash between Povetkin and Stiverne.

Povetkin claimed to have passed three tests earlier in April before his failed test, according to Russian media.

It was also claimed the sample contained just 70 nanograms, or seven per cent of what the anti-doping authorities banned.

Povetkin, winner of the Olympic super-heavyweight title at Athens 2004, has won 30 of his 31 professional fights since turning professional 11 years ago.