Mehdi Taremi will serve a four-month ban after FIFA investigated he had breached his contract with Turkish club Çaykur Rizespor.
Taremi had agreed to join Çaykur Rizespor dating back to June 2016, but later returned to Persepolis without the permission of the Turkish club.
Persepolis have also been banned from signing players for the next two transfer windows.
Çaykur Rizespor will reportedly receive 789,500 euros in compensation from Persepolis and Taremi for breach of transfer rules.
Due to this ban, Taremi will miss the crucial match against Al Hilal in the first leg of the AFC Champions League semifinals.