After attending a Putin rally, Olympic champion Evgeny Rylov loses his Speedo contract.

After two-time Olympic gold medalist, Evgeny Rylov attended a rally held by Russian President Vladimir Putin, swimwear company Speedo has canceled its sponsorship arrangement with him.

According to Russian newspaper Novaya Gazeta, Rylov, who won gold in the 100 and 200-meter backstroke events at last year's Tokyo Olympics, was one of eight prominent Russian sportsmen who appeared on stage at the rally in Moscow last week.

The gathering marked the eighth anniversary of Russia's takeover of Crimea, which the Ukrainian government considers unlawful and is not recognized by the West.

Following his weekend appearance at the Luzhniki Stadium in Moscow, Speedo can confirm that it has terminated the sponsorship of Evgeny Rylov with immediate effect," the company said in a statement to CNN.

"We strongly condemn the war in Ukraine and stand in sympathy with the Ukrainian people, our athletes, and our teammates who have been affected by the crisis."

"Any outstanding sponsorship money will be donated to the United Nations High Commissioner for Refugees (UNHCR) as part of this decision," Speedo stated.

Due to Russia's suspension from major international sporting contests due to doping non-compliance, Rylov, 25, competed in Tokyo as part of the Russian Olympic Committee.

Rylov donned his Olympic medals to the gathering, according to photos on social media. According to Reuters, he also wore the letter 'Z' on his clothing, which was used by Russian soldiers in Ukraine as an identifying symbol on their vehicles during Russia's invasion of the country.

Some supporters of the war in Ukraine have also displayed the symbol.

The International Swimming Federation (FINA), the sport's world governing body, said in a statement to CNN: "FINA is extremely saddened to learn about Evgeny Rylov's appearance at the Luzhniki Stadium during the rally on Friday. We're looking into it more right now."

Despite the International Olympic Committee's (IOC) proposals for an outright ban, FINA is one of the few sports governing bodies that still allows Russian and Belarussian competitors to compete as neutrals.

According to the website inside the games, FINA's policy is to evaluate each athlete on a "case-by-case" basis.
The governing council has revoked President Putin's FINA Order, which he received in 2014.

The Russian Swimming Federation was also contacted by CNN for comment, but they did not react right away.