Led by first board Levon Aronian, the second highest-rated player at the Olympiad, and first reserve Gabriel Sargissian, who scored 10 points in 11 games, Armenia improved on their third-place performance at the 36th Olympiad, claiming their first ever gold medals by a full two points over the silver medallists China, whose fourth board Wang Yue went undefeated, winning eight games and drawing four.
Reigning classical World Champion Kramnik, playing internationally for the first time in six months, scored 6½ points in his nine games, recording the best rating performance of any player.
His Russian team, though, did not perform as expected; fielding six of the tournament's 17 strongest players on rating [1] Archived 2007-06-11 at the Wayback Machine, Russia held second place, just behind Armenia, through the seventh round but lost matches to France (1½-2½), the United States (1½-2½), and, in the final round, Israel (1-3), and ultimately finished sixth; the worst Olympic result ever for a Soviet or Russian side.
Although they defeated the United States (2½-1½) in the penultimate round, Israel had to settle for a tie for third place; the Americans claimed the bronze medals on Buchholz tiebreaks.
Ukraine never gave up their lead for the remainder of the tournament and all but secured the gold medals and the Vera Menchik Trophy with a twelfth round win over India (2½-½), eventually finishing 1½ points ahead of silver medallists Russia.
The Ukrainian team was led by Natalia Zhukova, who scored 7½ points in her nine games, defeating the top- and second-rated players, Humpy Koneru of India and Alexandra Kosteniuk of Russia.
Defending champions China were missing newly crowned World Champion Xu Yuhua, but still claimed the bronze medals by three points over the United States with whom they drew in the penultimate round Their third-place finish was in no small part due to top board Zhao Xue, who entered the tournament seeded 22nd yet, having played in every round, went through the Olympiad undefeated, conceding only six draws in her 13 games.
Squads representing 133 nations, three international organizations, three constituent countries, two autonomous entities, two crown dependencies, two special administrative regions, two insular areas, and one associated state were entered into the Olympiad, comprising a total of 1307 registered players (some of which did not play).
Incumbent FIDE president Kirsan Ilyumzhinov faced criticisms for alleged mismanagement and corruption, primarily from Western federations, including those of the United States, England, France, and Canada, but, with the support of most Asian and African delegates, notably those representing Russia and Singapore, he staved off a challenge from Dutch businessman Bessel Kok to retain his position through 2010, winning by 96 votes to Kok's 54.