Canada have held onto their world ranking but their lead has been slashed ©Getty Images

Canada remains on top of the International Ice Hockey Federation (IIHF) men's world rankings despite having to settle for the bronze medal at the Pyeongchang 2018 Winter Olympics.

The IIHF has released updated standings after the conclusion of the Games in South Korea yesterday.

World number one Canada were favourites for gold in Pyeongchang, despite the tournament not featuring the world's best players from the National Hockey League.

However, they were stunned in the semi-finals after a 4-3 defeat to surprise package Germany.

Canada did recover to win bronze thanks to a 6-4 victory over Czech Republic.

But their 120-point lead in the rankings over Russia has now been cut to just five after the Olympic Athletes of Russia (OAR) team went on to win gold.

The OAR, competing neutrally under the Olympic flag due to suspension of Russia by the International Olympic Committee following doping offences, saw off the Germany 4-3 in overtime.

Germany have climbed one spot after their magical run to the Olympic final ©Getty Images
Germany have climbed one spot after their magical run to the Olympic final ©Getty Images

Despite competing as the OAR, the IIHF has awarded their ranking points to Russia.

The Canadians have 4,045 points at the top with Russia on 4,040.

Germany's exploits have seen them climb one place from eighth to seventh.

World champions Sweden, Finland and the Czech Republic are third, fourth and fifth respectively, while United States are sixth.

The American women increased their lead at the top of their world rankings after sealing Olympic gold.

They defeated Canada in the final on penalty shots following a 2-2 draw.

It leaves the US with 4,190 rankings points while the Canadians are second on 4,070.

Pyeongchang bronze medallists Finland are third with Russia fourth and Sweden fifth.