Evgeny Rylov: Olympic champion loses Speedo deal after attending Vladamir Putin rally

(CNN) Swimwear maker Speedo has ended its sponsorship deal with two-time Olympic gold medal swimmer Evgeny Rylov after the Russian attended a rally hosted by Russian President Vladimir Putin.

Rylov, who won gold in the 100 and 200 meter backstroke events at last year's Tokyo Olympic Games, was among eight top Russian athletes who appeared on stage at the rally in Moscow last week, according to Russian newspaper Novaya Gazeta. The rally commemorated the eighth year of Russia's annexation of Crimea -- which is deemed illegal by the Ukrainian government and not recognized in the West.

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

"We condemn the war in Ukraine in the strongest possible way and stand in solidarity with the people of Ukraine, our athletes and our teammates who have been impacted by the conflict."

"As part of this decision, any outstanding sponsorship fees will be donated to the United Nations High Commissioner for Refugees (UNHCR)," Speedo added.