Volodymyr Gerashchenko, the general secretary of Ukraine's Olympic Committee, was suspended after a BBC broadcast claimed he offered to sell 100 tickets for the upcoming games in London.
The president of Ukraine's Olympic Committee, former pole vault champion Sergei Bubka, announced the suspension after the BBC aired a report.
Bubka called the incident an "unfortunate situation" and said an independent commission would be formed to look into the allegations against Gerashchenko.
Unauthorized ticket sales are illegal in Britain and punishable by fines of up to 20,000 pounds sterling.
Ukraine's Olympic Committee was allotted 2,900 tickets for distribution among various officials and groups.
Based on reporting by Reuters and dpa