The International Boxing Association (AIBA) Executive Committee backed a proposal from Umar Kremlev, secretary general of the Russian Boxing Federation (RBF), to stage the tournament in November.

AIBA's Interim President Mohamed Moustahsane claimed he was confident the event would not be affected even if a World Anti-Doping Agency (WADA) ruling banning Russia from hosting major events is upheld at the Court of Arbitration for Sport. 

"I don't think this competition would be included because it is not a World Championships," Moustahsane told insidethegames.

Up to $5 million (£4 million/€4.5 million) in prize money could be offered at the tournament which is expected to feature 16 countries and teams comprising a mix of Olympic boxers and professional fighters. 

The expenses are expected to be underwritten by the RBF. 

The Boxing World Cup was originally launched in 1979 when it was staged at Madison Square Garden in New York City, with the United States beating the Soviet Union in the final.

It was held from 1979 to 1998 as an individual competition and from 2002 to 2006 as a team competition. 

In 2008 the format returned to individual competition, though the team score was still accounted for.

It has not been held since.

The most successful country is Cuba, winners of seven of the 12 editions.

With AIBA banned by the International Olympic Committee from organising the Olympic boxing tournament at Tokyo 2020, this will be their flagship tournament this year.

If it is a success, AIBA hope to include female boxers in future tournaments and for it to become an important new revenue stream for them as they try to clear $16 million (£12 million/€14 million) worth of debts.

"This is the future for AIBA," Moustahsane told insidethegames.

"It will be attractive to boxers, television and sponsors."