AC Milan's Swedish forward Zlatan Ibrahimovic reacts during the Italian Serie A football match between AC Milan and Benevento at The San Siro Stadium in Milan on May 1, 2021. (MIGUEL MEDINA / AFP)

European soccer’s ruling body UEFA fined AC Milan’s Swedish striker Zlatan Ibrahimovic 50,000 euros (US$61,000) on Wednesday for breaking the rules by having a financial interest in a betting company.

FIFA’s Code of Ethics state a player cannot have interests in entities or companies that “promote, broker, arrange or conduct betting, gambling, lotteries or similar events or transactions connected with football matches and competitions”

FIFA’s Code of Ethics state a player cannot have interests in entities or companies that “promote, broker, arrange or conduct betting, gambling, lotteries or similar events or transactions connected with football matches and competitions”

Milan were also warned and fined 25,000 euros for violating the same article of UEFA’s disciplinary regulations.

“The Chairman of the UEFA Appeals Body also issued Ibrahimovic with a directive aimed at ceasing the player’s association with the relevant betting company,” UEFA said in a statement.

ALSO READ: Ibrahimovic to miss Euro 2020

Swedish newspaper Aftonbladet reported in April that Ibrahimovic, 39, is a part-owner of the Malta-based betting company Bethard who he teamed up with in 2018.

FIFA’s Code of Ethics state a player cannot have interests in entities or companies that “promote, broker, arrange or conduct betting, gambling, lotteries or similar events or transactions connected with football matches and competitions”.

READ MORE: Ibrahimovic renews contract with AC Milan

Ibrahimovic last month signed a one-year contract extension with Milan.