The swimwear make condemned the war in Ukraine as they revoked their deal with Rylov.
“Following his attendance at the Luzhniki Stadium in Moscow at the weekend, Speedo can confirm that is has terminated the sponsorship of Evgeny Rylov with immediate effect,” the company told CNN in a statement.
They added: “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 impact by the conflict.
“As part of this decision, any outstanding sponsorship fees will be donated to the Ukraine Nations High Commissioner for Refugees.”
According to insidethegames, Rylov also sported the letter ‘Z’ on his clothing.
The symbol has been largely associated with pro-war after Russian forces have used it to identify their military vehicles.
The International Swimming Federation (FINA) will be investigating the matter further, but noted their disappointment over Rylov’s reported attendance.
Rylov has since pulled out of the World Championships in support of banned Russian athletes.