By Igor Lazorin, tass

World of Boxing CEO Andrei Ryabinsky, who promotes Olympic gold medal winner and former WBA heavyweight champion Alexander Povetkin, is not going to pay WBC heavyweight champion Deontay Wilder - until the undefeated puncher goes through with his mandatory obligation.

The fight was scheduled to take place on May 21 in Moscow, Russia - but the World Boxing Council officially put a stop to the contest after Povetkin tested positive for the banned substance meldonium.

While Ryabinsky wants to reschedule the fight to a new date, Wilder's manager Jay Deas is very firm in stating that the contest is "off" and not "postponed" as the Russian promoter claims.

"The fight is off. Not postponed. Off. We are gutted. All the hard work we put in with the time, effort and money is gone, through no fault of ours. The ripple effect from this cancellation reaches hundreds of people. We will take some time off and be back soon and continue to campaign and demand a clean sport and level playing field," Deas stated.

Povetkin's promoter claims his fighter took the drug when it was still legal, last September. The drug became a banned substance on January 1st of this year. But three of Povetkin's test in the first half of April came up negative for the drug, with the fourth coming up positive late in the month. Based on that scenario, it is being claimed that he came in contact with the drug at some point in late April.

Ryabinsky maintains the contest with Wilder is going to take place on another date, with the same conditions, or he will pursue a legal action to make the fight take place.

The Russian promoter won a purse bid earlier this year to secure the promotional rights to the contest.

Under the terms of the purse bid, Wilder is entitled to $4.6 million - his biggest career payday.

Ryabinsky has NO plans to pay Wilder - until the fight is set down for a new date and goes through.

"The money is in the bank under the terms of escrow. Wilder's team has already written a letter to the bank, telling them not to return the money to us. And we wrote that [once the fight takes place] they will get the money," said Ryabinsky.