On July 26, the 25-year-old was handed the punishment by the FFR for making remarks on social media during France's tour of Argentina and was sent home after just one game.
"Whatever the circumstances that led to the incident, Toulon suffered considerable damage to their image and interests as much for their supporters as their players and employees," four-time French champions Toulon said.
The three-time Champions Cup winners added that Jaminet had accepted to take part in community service to reduce his ban by eight weeks and will not play again until next year.
The former Perpignan full-back's contract with Toulon has also been modified and he has been fined 30,000 euros ($32,500) by the FFR.
On July 9, the Paris prosecutor's office opened an investigation into "death threats due to origin" following a complaint from the anti-racism SOS Racisme NGO about the player's comments.
Jaminet's outburst came hours before two other members of France's squad in Argentina, Hugo Auradou and Oscar Jegou, were accused of sexual assault.
Auradou and Jegou will face a court hearing on August 8 in Mendoza, Argentina.
Toulon start their new Top 14 season on September 8 against La Rochelle.
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