Arsenal's Gilles Grimandi was banned for three matches and Yugoslavia's Sinisa Mihajlovic of Lazio two on Friday following incidents in Tuesday's Football Champions League match in Rome.
French midfielder Grimandi was suspended by UEFA for striking Lazio's Argentine player Diego Simeone in the face.
"Mihajlovic has been suspended as a result of sustained racist insults directed at Arsenal FC players throughout the match," said a UEFA statement.
"The Yugoslav player admitted the verbal abuse, alleging he had previously been provoked.
"UEFA considers this to be a serious violation of the sporting principles wich it has always defended, especially bearing in mind the grossly humiliating nature of the verbal abuse."
Mihajlovic told a news conference in Rome on Wednesday he had insulted Arsenal's black midfielder Patrick Vieira but said he had been provoked and denied he was a racist.
"Yes, it's true, I said 'black shit' but he provoked me by saying 'gypsy shit'," Mihajlovic said.
"I called him black but I might just as well have called him French. If I'm a racist then at this point so is he for calling me gypsy."
Lazio were additionally fined 70,000 Swiss francs (27,000 pounds) because objects were thrown at players and match officials and for the role played by Juan Veron and Simeone in incidents at the end of the match.
