The U-turn comes less than 24 hours after the IPC announced on Wednesday that Russian and Belarussian athletes would be allowed to compete when the Games begin
Chelsea owner Roman Abramovich on Wednesday confirmed he will sell the Premier League club amid Russian invasion of Ukraine.
Nikita Mazepin will be allowed to continue racing for Haas after the FIA opted to have Russian and Belarusian drivers under a neutral flag.
FIBA remains very concerned by the recent events in Ukraine and expresses its deepest sympathies to the victims.
It has been more than five days since Russia launched a special military operation into Ukraine, backed by Belarus, which drew widespread condemnation.
The Russian team was drawn to play RB Leipzig in the last 16, with the second leg scheduled for March 17.
FIFA said it will continue to speak with the IOC, UEFA and other organizations to decide on any other sanctions or measures.
Poland were slated to play Russia with the winner of the match taking on the winner of Sweden vs. the Czech Republic.
Klitschko brothers announcement came with a tweet explaining how dire the situation is for Ukraine and beyond.
Schalke 04 will now simply have a logo that will read "Schalke 04" rather than having the Gazprom logo.