Tony Martin will auction his London 2012 Olympic silver medal ©Getty Images

Former German cyclist Tony Martin is to auction his London 2012 Olympic silver medal to raise funds to support Ukrainian children impacted by Russia’s invasion.

Martin finished as the runner-up in the men’s individual time trial event during London 2012.

Bradley Wiggins won the event in front of a home crowd, with fellow Briton Chris Froome securing the bronze medal.

Martin confirmed his intention to auction the silver medal on Instagram.

"Everyday I see the terrible pictures from #ukraine in tv and it feels so wrong to sit on the couch and accept this situation," Martin wrote.

"I pay my deepest respect to everybody who helps the people that need to be protected the most: the Ukrainian kids and their familys.

"I also want to do my small part and help.

"That's why I decided to donate my Olympic silver medal from London 2012 to raise money for @rtlwirhelfenkindern.

"It's not easy to separate me from the biggest trophy I could win in my career but considering the fact that millions of people lost almost everything, it is something I really want to do!

"I hope from the bottom of my heart that the people of Ukraine will get back their peace and freedom very soon!"

Funds raised by the auction will go to RTL Wir Helfen Kindern - "RTL we help children".

The foundation says 7.5 million children in Ukraine have been put at risk during the conflict in Ukraine.

The foundation says it will help provide further evacuations, transport of clean drinking water and psychological support to children who have been traumatised wit the funds.

Martin’s auction is scheduled to end on April 4.

The current highest bid for the medal is €20,150 (£17,000/$22,400).

Martin retired from cycling at the end of last season following a successful career.

He was crowned world time trial champion on four occasions and won the mixed team relay event in his final race last year.

Martin won three team time trial World Championship gold medals, 11 national time trial titles, as well as six stage wins at the Tour de France.

His career also included victory at Paris-Nice and two stage wins at the Vuelta a España.

Lithuanian Olympic champion Daina Gudzinevičiūtė donated her Sydney 2000 shooting gold medal to support relief efforts in Ukraine earlier this month.

Ukrainian Paralympic medallist Serhii Yemelianov has begun an auction to raise money for the armed services in the nation.

Martin's auction can be accessed here.