Russian athlete Mariya Savinova has received a four-year ban for doping.
In addition, Mrs Savinova-Farnosova has been disqualified from all of her results from July 26, 2010, to August 19, 2013 - and has been stripped of all prizes, medals and appearance money earned during this period.
Caster Semenya is set to have her silver medal from the 800 metres at London 2012 upgraded to gold after Olympic champion Mariya Savinova-Farnosova had her triumph expunged for doping.
The World Anti-Doping Agency (WADA) had initially called for Savinova to be banned for life after she was named as one of five Russian athletes implicated in the first Independent Commission report.
Should the IAAF strip Savinova of her 2011 world title, then Jepkosgei who clocked 1:57.42 to finish third on the day will move to silver with Semenya (1:56.35) crowned the world women 800m champion from Daegu 2011.
In a press release, CAS said there was "clear evidence" Savinova had been doping from July 2010, just before the European Championships, to the 2013 World Championships in August.
Savinova was caught admitting to injecting banned substance testosterone and taking oxandrolone in undercover footage filmed by whistleblower Yuliya Stepanova back in 2014.
Kazarin, who has been suspended over his involvement in doping, said: "Naturally, we're emotionally depressed".
Both athletes could now have their medals upgraded.
On Tuesday, the Iaaf council unanimously upheld Russia's suspension.