The figure is disclosed in the skating body’s new 2022 financial report.

It is a concrete example of how new geopolitical realities, notably the war in Ukraine, are threatening to eat into sport industry revenues.

The ISU notes that "sanctions against Russia and the absence of Russian skaters in ISU events resulted in basically no advertising and media rights fee incomes from Russia."

It continues: "The first substantial negative impact of about CHF1 million on the profit and loss statement will be noticed during 2023.

"The existing reserve of CHF2.5 million (£2.2 million/$2.8 million/€2.6 million) for crisis situations will be partially dissolved to counterbalance this negative impact."

The ISU announced only yesterday that it would maintain its ban on the participation of Russian and Belarusian skaters following last year’s invasion of Ukraine.

The International Olympic Committee (IOC) ruled in March that Russian and Belarusian competitors should be allowed to return as individual neutral athletes provided, they do not support the war in Ukraine and are not affiliated to the military.

International Federations have been divided in their response to the recommendations.

Overall, 2022 was far from a vintage year for the ISU in financial terms, with the overall loss surging to more than CHF19 million (£16.7 million/$21 million/€19.5 million).

The red ink was explained by the impact of rising inflation on the value of the organisation’s substantial bond portfolio.

As it elaborated: “The main development of the financial markets during 2022 was surging inflation and corresponding increasing interest rates on the one hand, but a weak bond market on the other hand.

“These declining bond rates also had a substantial impact on the overall value of the ISU bond portfolio.

“Since Swiss accounting regulations require that the financial statements show the situation based on the bond market prices as of December 31, 2022, this conservative valuation of the ISU bond portfolio at year end market prices and without allowing to accrue future interest income, resulted in a loss on bonds amounting to CHF 22.9 million (£20.1 million/$25.3 million/€23.5 million).

"To note however that the main share or CHF 21.6 million (£19 million/$23.8million/€22.2 million) of this 2022 loss on bonds remains an unrealised and temporary book loss since the ISU can hold the bonds to maturity and will recover the face value of the bonds and therefore avoid such loss."

The ISU also confirmed that its former offices in Davos were sold during 2022.

Proceeds were said to have been reported as extraordinary income; this totalled just over CHF1.3 million (£1.14 million/$1.44 million/€1.33 million).

Net television operating income from ISU events weighed in at CHF19.1 million (£16.8 million/$21.1 million/€19.6 million), while net advertising income reached CHF6.1 million (£5.4 million/$6.7 million/€6.25 million).

Conference/Congress expenses were put at just over CHF1 million (£879,000/$1.1 million/€1.03 million).

The single defining feature of ISU financials remains the body’s towering stash of financial assets, however.

This had reached CHF265.2 million (£233 million/$293 million/€272 million) by the year-end, up from CHF261.9 million (£230 million/$289 million/€269 million) a year earlier.