When it comes to the Rules of Fashion, there's pretty much no excuse for wearing bandage dresses, high slits and sheer tops and bottoms exclusively.

Unless, of course, you've got a body like Irina Shayk. The Russian Sports Illustrated swimsuit model (she was 2011's cover girl) loves to show off her tanned, toned figure in all sorts of sexy outfits, as she did last night at Jeffrey Fashion Cares.

Shayk hit up the the annual fashion fundraiser, which benefits the LGBT community and those with HIV/AIDS, along with fellow models Jessica Gomes, Genevieve Morton, Lindsay Ellingson, Jessica White, Anne V. and Jessica Stam.

But among the plethora of shiny haired, long legged ladies crowding the red carpet, Shayk stood out for her rather, um, revealing ensemble: a tight bandage dress with sheer patches, exposing what appears to be a delicate white thong.

It's not like we haven't seen Irina in a thong before. But leave it to Shayk to take an otherwise demure dress (by her standards, at least) and turn it into tabloid fodder.

Besides the VPL (visible panty line), do you like this look?

PHOTOS:

Check out Irina's sexiest looks!

April 2012 at the Intimissimi Boutique in Madrid
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(WireImage photo)