During the ISU June Congress, the ISU yanked his eligibility:
Decision of the ISU Council on Eligibility of Mr. Evgeny Plushenko (RUS).
Based on evidence presented the Council has concluded that Mr. Evgeny Plushenko breached the ISU eligibility rule 102, paragraph 2, i) of the ISU General Regulations and as a consequence has become ineligible under paragraph 7 a) of that rule. The evidence has proved to the satisfaction of the Council that Mr. E. Plushenko, a skater and member of the Figure Skating Federation of Russia (FSFR), skated in exhibitions held in March and April 2010, in Russia and other countries, without the express prior authorization of the FSFR. Such activity is a breach of the ISU eligibility rules and results in the loss of eligibility
But Plushenko has recourse. He has 21 days to file an appeal if he so chooses with the Court of Arbitration for Sport in Lausanne. He must do this and win the appeal if he hopes to compete at an ISU event in the future. A similar situation occurred last season when Joannie Rochette performed on the show "Thin Ice," however, she obtained an exemption allowing her to keep her eligible status, Plushenko did not.
UPDATE: FSFR has released an official statement.