The Russian national team and Russian clubs have been suspended from all competition.
The country will not be able to face Poland in the World Cup play-off because of the suspension.
The Russian state's majority-owned energy company, Gazprom, is a major sponsor of the Champions League.
The sponsorship deal has been in place since 2012 and has been reported to be worth around 40 million dollars per season.
All Russian teams, whether national representative teams or club teams, will be suspended from participation, following the initial decisions adopted by theFIFA Council and theUEFA Executive Committee, which envisaged the adoption of additional measures.
The highest decision-making bodies of both institutions adopted these decisions today.
Football is fully united here and in full solidarity with the people of Ukraine. Both Presidents hope that the situation in Ukraine will improve so that football can once again be a way for people to come together.
The last-16 tie between Spartak Moscow and RB Leipzig will not take place, with the German club automatically progressing to the quarter-finals of the competition.
The matches between FC Spartak Moskva and RB Leipzig will not take place because of the suspension of Russian clubs from the competition.
What does the latest development mean?
Sky Sports News has a chief reporter.
FIFA have been working closely with UEFA on this. When the Bureau of the Council met on Sunday, they stopped short of banning Russia.
They said on Sunday that Russia could still play football but not in the country, but less than 24 hours later, the Polish FA, the Swedish FA and the Czech Republic FA all said they would not face Russia.
In the past, we have seen how relations between the two organizations have not always been very warm, but on this issue they are totally aligned.
We have the World Cup play-off next month with Russia playing Poland, but that is not going to happen. Poland will face either Czech Republic or Sweden in the play-off final.
Russia had qualified for the women's European Championship. This would mean they wouldn't be playing in that tournament.
Gazprom was the biggest sponsor. They were their biggest commercial partner, paying over 34 million dollars a year to sponsor the competition.
We don't want to be associated with you and we don't want your money, because we know you are a state-owned Russian energy company.
More to come...
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