The banner plays on the colourful five-ring logo, turning the circles into the tops of test tubes for urine samples.
"I looked at the Olympic rings and thought, maybe I can blend it with test tubes, which are referring to doping, medicals and drug tests," Karnebogen told Dezeen. "Then I put it on a flag, which made the fake more realistic."
Although the team escaped a blanket ban, over 100 athletes that were due to compete in events including track and field, swimming, rowing and cycling are barred from taking part.
After Karnebogen shared his proposal on social media, graphic design legend Erik Spiekermann described it as "brilliant".
The original symbol – which comprises interlinking rings in blue, yellow, black, green and red – was originally designed in 1912 by Pierre de Coubertin, co-founder of the modern Olympic games.
Others that have reinterpreted the logo include graphic designer Sarah Hyndman, who spent a year photographing objects arranged in groups of five to look like the Olympic rings ahead of the London 2012 games.
Along with the iconic rings, each Olympic games carries its own logo and branding – which have proven controversial on several occasions.