Luxuria, who was a member of Parliament, allegedly held a rainbow colored banner that read, "It's OK to be gay" in Cyrillic while attending the Winter Olympics in Sochi, Russia, ANSA reported.
Luxuria was arrested during the weekend.
Italy's Gay Center reported Luxuria said in a text message Monday, "I've been released and ... I'll [go back] to watching the Games.
Last year, Russia made it illegal to promote homosexuality.