The 30-year-old, who won gold in the pairs figure skating and the team figure skating alongside partner Tatiana Volosozhar, was lauded by Alexander Zhukov, the president of the Russian Olympic Committee, for having been given the honour.
"It's athletes who choose [the flag bearer]. Trankov is an amazing athlete." Zhukov told reporters.
The ceremony, which will see skeleton gold medallist Lizzy Yarnoldcarry the flag for Great Britain, will begin at 4:14pm GMT and will take place at the Fisht Olympic Stadium.