WWE just issued the following statement:
Chris Jericho has been suspended for 30 days due to an irresponsible act of denigrating the Brazilian flag at a WWE live event in São Paulo on May 24. WWE has apologized to the citizens and the government of Brazil for this incident.
A match between Randy Orton and Chris Jericho set for WWE's No Way Out pay-per-view has been postponed. They'll likely resume that feud once Jericho returns.