The IOC has requested the IAAF take action after a damning report into widespread doping was released.
The report by the World Anti-Doping Agency independent commission urged Russia be banned from competition for a "state-supported" doping programme.
It added that five Russian athletes and five coaches should be given life bans.
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Named in the report was Mariya Savinova, who won gold in the 800m at London 2012, along with Ekaterina Poistogova, who won bronze in the same race.
Anastasiya Bazdyreva, Tatjana Myazina and Kristina Ugarova were also among the athletes named, although these allegations are unproven and the five individuals are yet to respond to the report's findings.
Wada says London 2012 was "sabotaged" by "widespread inaction" against athletes with suspicious doping profiles, while the International Association of Athletics Federations (IAAF) was also implicated.
The Kremlin has dismissed the accusations, describing them as "groundless".
IAAF president Lord Coe told the BBC that the Russian athletics federation, Araf, had been asked to respond to the allegations by the end of the week.
The 59-year-old said that after reviewing the feedback the IAAF "would look at a range of options, including sanctions", which could result in suspension from the sport.
In a statement, the IOC said: "With its zero-tolerance policy against doping, following the conclusion of this procedure, the IOC will take all the necessary measures and sanctions with regard to the withdrawal and reallocation of medals. And as the case may be exclusion of coaches and officials from future Olympic Games."
In an interview on New Zealand television on Tuesday, IOC president Thomas Bach said he expected Russia to "co-operate to make progress" towards being compliant with Wada to ensure participation at Rio 2016.
He added he was "convinced" Coe would "do whatever is necessary" to clean up the sport.
Russian athletes accused of doping should have disciplinary proceedings brought against them, according to the International Olympic Committee.