Next month's Kremlin Cup tournament will be cancelled if organisers fail to come up with more than $1m in prize money, the president of the Russian tennis federation Shamil Tarpishchev said on Wednesday.

"If we don't find the money by October 1, then we'll just have to scrap it," Tarpishchev said.

"Right now we have about half of the $2.15m of total prize money for both men and women and we need to find another half for both tournaments to take place."

The Moscow indoor event, which began in 1990, is set to combine for the first time this year, with both the men's ATP and the women's WTA tournaments taking place in the same week from October 23.

Tarpishchev, who is a member of the Kremlin Cup executive board, blamed recent terrorist bombings and the country's economic plight on the decline of what has claimed to be "the premier sporting event in Russia".

"We also face an uphill battle when trying to invite the world's top athletes into our country for obvious reasons. All that makes it very difficult, almost impossible, to run successful tournaments year after year," he said.

Tarpishchev added it would be a shame if the event had to fold especially in the year when it secured the presence of the world's top two women players, Martina Hingis and Lindsay Davenport, for the first time.