Russia's women's hockey team might be a contender for bronze but struggles to compete against the top two squads, the USA and Canada.
Russian IOC member Yelena Isinbayeva, a two-time Olympic gold medalist in the pole vault, came out against a boycott.
He did not budge on Russia's insistence that there was no state-sponsored doping system in the country.
"Some athletes work out for maybe three years to get ready for the Olympics".
These athletes will participate under the name "Olympic Athlete from Russia", and their uniform will bear the Olympic flag.
McLaren welcomed Tuesday's decision, saying: "By holding Russian Federation accountable for its actions, which date back at least to the (2012) London Games and continued through the Sochi Games, the sports community is demonstrating its commitment to ensuring athletes benefit from an even playing field and drug-free competition".
International Olympic Committee rules could block Alexander Loginov, who returned from a two-year doping ban last season to win a world championship relay bronze.
His words didn't prevent Russian Foreign Ministry spokeswoman Maria Zakharova from saying Wednesday that the punishment of Russia's Olympic program was an attempt to isolate and weaken Russia, saying its critics had resorted to "Plan B", after the country hosted the Sochi Olympics.
They will, however, have strong cases to have their lifetime Olympic bans lifted. By the time the report came out, almost all Russian track and field athletes had been banned by the International Association of Athletics Federations.
So this ban is against the IOC's self-interest. Another report found that more than 1,000 Russian competitors across 30 sports have been involved in a conspiracy to hide positive drug tests over a five-year period.
On the women's side, medal hopes appear remote. The Kremlin has denied allegations that it orchestrated the widespread use of performance-enhancing drugs. New awards ceremonies, redistributing the 2014 medals, will be held in February in South Korea.
An explosive report by the World Anti-doping Agency (WADA) and two subsequent International Olympic Committee investigations have confirmed that Russian athletes took part in an elaborate drug cheating programme which peaked during the 2014 Winter Olympics in Sochi.
The head of Russia's Olympic Committee, Aleksander Zhukov, who himself was suspended by the IOC on Tuesday, told reporters after the decision, that it contained "positive and negative sides".
United Nations ambassador Nikki HaleyNimrata (Nikki) HaleyTrump's withdrawal from migration summit shows his nationalist colors US, South Sudan must stand together for peace Dems plan ambitious campaign for red-state governorships MORE said Wednesday there's still an "open question" as to whether the USA will send its athletes to South Korea in February for the Winter Olympics, citing escalating tensions with North Korea.
Whether or not they compete under their own flag, ski jumping and Nordic combined seem unlikely to result in any medals for Russians.