Denmark's Nicklas Bendtner was on Monday banned for one match and fined 100,000 euros (80,000 pounds $126,000) for flashing the sponsored waistband of his underpants while celebrating a goal during Euro 2012, UEFA said.
European football's governing body said that its Control and Disciplinary Body had decided to impose the fine and suspend him for "one competitive fixture" after the celebration during last Wednesday's 3-2 defeat by Portugal.
"This suspension applies to the next 2014 FIFA World Cup match, including the qualifying competition, for which Bendtner is eligible," a statement said on the UEFA website.
Bendtner has three days from the written receipt of the sanction to appeal.
UEFA last week announced disciplinary proceedings against the player for "improper conduct (Law 4 of the Laws of the Game)" during the Group B game in Lviv, Ukraine, that Denmark lost 3-2.
Law 4, which covers "The players' equipment" states: "Players must not reveal undershirts which contain slogans or advertising. A player removing his jersey to reveal slogans will be sanctioned by the competition organiser.
Article 18.18 of the "Regulations of the UEFA European Football Championship 2010-12" also states: "All kit items worn during the final tournament must be free of any sponsor advertising."
The waistband of Bendtner's green and white underwear had the name of a Dublin-based online betting firm. The company, Paddy Power, said on its website that they were "lucky pants".
Paddy Power - who compared the fine to the much lower ones published in the Daily Mail handed out by UEFA to clubs for their fans chanting racist slogans - reacted by saying they would support Bendtner if he appealed.
"We are appalled with the severity of Nicklas Bendtner's fine for displaying Paddy Power on the waistband of his lucky underpants recently," a spokesman said in a statement released on their website.
"This is a hysterical and deeply cynical move by UEFA dictated by pure commercialism and is a far greater penalty than recent UEFA fines for far more serious incidents. We will be contacting Mr Bendtner to offer him our full support for his appeal."
The bookmaking firm cheekily added that they had slashed the odds on another such episode taking place before the end of the tournament - though it won't be Bendtner as Denmark were eliminated on Sunday - from 12/1 to 6/1.