RusAF had been set a deadline of July 1 to pay $6.31 million (£5 million/€5.6 million) as part of reinstatement criteria following the nation's doping scandal.

World Athletics had fined RusAF $10 million (£8 million/€9 million) in March, in lieu of expelling the suspended organisation outright.

Half of the fine was due at the start of this month, as well as $1.31 million (£1 million/€1.1 million) in various costs, but RusAF missed the deadline. 

World Athletics could now expel the national governing body and will discuss the situation at a Council meeting on July 29 and 30. 

Matytsin called for "common sense" regarding the status of Russian athletes when the meeting takes place.

In reaction to the missed deadline, World Athletics has halted the work of the Doping Review Board which decides which Russians can compete with neutral (ANA) status.

The Russian Taskforce overseeing reinstatement has also been stood down.

"We hope that the common sense will prevail," Matytsin said, as reported by Russian state news agency TASS. 

"Moreover, Lord Coe (World Athletics President Sebastian Coe) plans to become a member of the International Olympic Committee (IOC).

"The most important value for optimism and the sport on the whole are athletes and IOC President Thomas Bach repeatedly stated this.

"We hope that athletes will not be the victims of this situation."

Prior to the deadline, Matytsin had said Russian athletes should be allowed to compete as neutrals in international competition, even if RusAF did not pay the fine on time. 

World Athletics had imposed an ANA cap of 10 athletes for major events, including the Tokyo 2020 Olympic Games, on Russia when it resumed the process in March and announced the fine.

Former 110 metres hurdles world champion Sergey Shubenkov, reigning pole vault world champion Anzhelika Sidorova and three-time high jump world champion Mariya Lasitskene were among eight athletes approved for ANA status.

The trio last month wrote to Russian President Vladimir Putin asking him to intervene to ensure the fine was paid to World Athletics.

Lasitskene has said she is considering leaving the national team following the failure of RusAF to meet the deadline.

RusAF's fine stems from an investigation concerning high jumper Danil Lysenko.

Seven RusAF officials – including then-President Dmitry Shlyakhtin – were charged by the Athletics Integrity Unit (AIU) with obstructing an anti-doping investigation by forging documents to explain missed tests.

The 23-year-old Lysenko now faces a ban of up to eight years.

RusAF has been suspended by World Athletics since November 2015 following revelations of state-sponsored doping.

The Lysenko affair plunged the organisation into further trouble and contributed to the AIU Board stating in a report earlier this year that the World Athletics Council should consider expelling RusAF.