Russian and Belarusian players, including ATP world number one Daniil Medvedev, will still be able to compete on the Tours and at grand slams, but the International Tennis Federation (ITF) has suspended the countries' teams.
Russia's Medvedev was only crowned world number one for the first time on Monday, though that success came amid the backdrop of an ongoing conflict between his nation and Ukraine.
To widespread international condemnation, Russia invaded Ukraine on Thursday, with that conflict since escalating further. Belarus, meanwhile, was effectively used as a staging post for part of the invasion force, though Belarusian president Alexander Lukashenko has insisted the nation's military did not and will not play any part in any operation.
Governments and organisations around the world, including governing bodies within sport, have responded with strict sanctions against Russia and certain individuals with links to president Vladimir Putin.
On Tuesday, the governing bodies of tennis (the ITF, ATP, WTA and the four grand slam events) announced sanctions of their own.
While Medvedev and other Russian and Belarusian players, including Andrey Rublev and WTA world number three Aryna Sabalenka, will be allowed to play in tournaments on both the men's and women's Tours, and the four grand slams, they will have to compete under neutral banners, with the flags of each country banned.
However, the WTA and ATP combined event in Moscow, scheduled to take place in October, has been suspended.
Meanwhile, Russia and Belarus have had their memberships of the ITF revoked, while all ITF tournaments set to be held in those countries have been suspended indefinitely.
Russia hold both the Davis Cup and Billie Jean King Cup.
The immediate upshot of the decision is that Elina Svitolina, the Ukrainian who is top seed at the Monterrey Open, will play her first-round match against Anastasia Potapova on Monday.
Svitolina said earlier in the day that she would refuse to play against any Russian or Belarusian opponent unless all national emblems, flags and colours were removed.
However, prior to the joint announcement from tennis' governing bodies, Svitolina told ITV News: "There's been a lot of discussion.
"Today they will release a statement that they will remove the flags. So we are waiting just for the final confirmation about that. I will be playing tonight because my opponent is going to be under a neutral flag."
Svitolina has pledged to donate all of her prize money from upcoming tournaments to assist Ukraine's fight against Russia.
The statement from tennis' governing bodies read: "A deep sense of distress, shock and sadness has been felt across the entire tennis community following Russia's invasion of Ukraine in the past week.
"Our thoughts are with the people of Ukraine, and we commend the many tennis players who have spoken out and taken action against this unacceptable act of aggression. We echo their calls for the violence to end and peace to return.
"The safety of the tennis community is our most immediate collective priority. The focus of the WTA and ATP in particular in recent days has been on contacting current and former players, and other members of the tennis community from Ukraine and neighbouring countries, to check on their safety and offer any assistance."