The German second-tier side Schalke 04 has canceled its partnership with Russian energy giant Gazprom, the club confirmed Monday.

"Management and the supervisory board are in discussions with representatives of the current main sponsor, further information will be published in due course," Schalke said on Twitter.

The decision does not affect the club's financial capabilities, Schalke, who currently plays in the German second tier following the relegation in the 2020-21 season, added in a statement.

The club had already said Thursday it was removing the logo of Gazprom from its jerseys following Russia's invasion of Ukraine.

Gazprom's UEFA Champions League sponsorship status is currently also in the balance.

Russia's gas giant, who sponsored Schalke since 2007, has been also announced as one of the sponsors for the next European Championship, to be played in 2024 in Germany.