The ad appeared in national press, and showed a man sitting on a couch with a woman on either side of him. Both women were looking at the man's face and one had her arm around his neck. On a table in front of them were plates of food, glasses of drink and a bottle of Belvedere vodka, with the strapline "luxury reborn".
One reader complained to the Advertising Standards Authority that the ad linked alcohol with sexual success.
Supplier Moët Hennessy UK said there was no suggestion of a sexual relationship between the three people.
But the ASA said that because one woman had her arm around the man's neck and was staring at him, and because all three were sitting close together and the man's shirt and bow tie were undone, the ad implied that both the women were sexually attracted to the man.
"We noted the bottle of Belvedere on the table in front of them and considered that the image implied that Belvedere had enhanced the man's attractiveness," it said.