The International Ice Hockey Federation said Russia is looking for a new coach before the world championship in May in Belarus.
The IIHF said Russian hockey federation officials agreed to Bilyaletdinovís departure after meeting with him on Wednesday.
Russia lost 3-1 to Finland to miss out on an Olympic medal, which was among the nationís top priorities at the Sochi Games.
Bilyaletdinov was appointed in June 2011 and led the team to a world championship the following year.
As a player for the Soviet Union, he won gold at the 1984 Sarajevo Olympics and silver in 1980 at Lake Placid.
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