In its statement, the IOC listed its decisions and what they meant to those athletes wishing to participate and the workload now given to the worldwide sports federations, saying it would not accept the entry of any Russian athlete that could not meet a list of conditions.
The 28 federations have just 12 days to carry out tests, however, with the Games commencing on 5 August.
"Disappointingly, in response to the most important moment for clean athletes and the integrity of the Olympic Games, the IOC has refused to take decisive leadership", said Travis T Tygart, the chief executive of USADA, the American anti-doping body.
The board delayed a decision last Monday, saying it needed to look at legal options, but the path to a blanket ban appeared to open up on Thursday when the Court of Arbitration for Sport (CAS) upheld the International Association of Athletics Federations' ban on Russia's track and field team.
Calls for a complete ban on Russian Federation intensified after Richard McLaren, a Canadian lawyer commissioned by Wada, issued a report accusing Russia's sports ministry of overseeing a vast doping programme of its Olympic athletes.
The IOC statement also confirmed that Yuliya Stepanova had been barred from the Games despite the athlete blowing the whistle on the Russian doping programme.
The IP report released by WADA on Monday confirmed previous allegations Russian Federation was running an organized doping regime.
It also ordered the immediate re-testing of all Russian athletes from the Sochi Olympics.
The ruling apparently failed to influence the decision on whether the entire Russian Olympic team should be banned from the games. "I'm sure the majority of our team will comply".
"The entry of any Russian athlete utlimately accepted by the International Olympic Committee will be subject to a rigorous additinoal out-of-competition testing programme in coordination with the relevant IF and WADA".
After the report was published, the International Olympic Committee announced that it was opening disciplinary discussions for both Russian officials and athletes.
However, her hopes have been dashed by the IOC's Ethics Commission, which highlighted the fact that she had been implicated in the doping process herself.
The decision could mean that there are inconsistencies in decision-making, the Guardian argued, because organizations such as the International Weightlifting Federation would probably ban all Russian athletes due to high numbers of positive tests.
Russian Federation has been under intense scrutiny since late previous year when a World Anti-Doping Agency, or WADA, report alleged organized doping among athletes, coaches and officials in the sport of track and field.
The decision for the International Olympic Committee is loaded with geopolitical ramifications.
The IOC said 800-meter Yulia Stepanova, who along with her husband provided evidence of widespread doping in Russian track and field, could not race in Rio because she once served a doping ban.
The IOC had said it would seek a balance between "collective punishment" and "individual justice".
The IAAF had also granted "neutral athlete" status to Florida-based long jumper Darya Klishina.
IOC president Thomas Bach said: "We have set the bar to the limit by establishing a number of very strict criteria which every Russian athlete will have to fulfil if he or she wants to participate in the Olympic Games Rio 2016".