Fifa has banned Real Madrid and Atlético Madrid from registering new signings for the next two transfer windows as punishment for breaching its rules on the international transfer and registration of players aged under 18.

The ban does not affect the current window and does not prevent players leaving either club but means after this month neither Real nor Atlético will be able to register any new players until the summer of 2017.

Atlético have also been hit with a 900,000 Swiss francs fine (£622,000) while Real have been fined 360,000 Swiss francs (£249,000).

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A Fifa statement said: “The two clubs were found to have violated several provisions concerning the international transfer and first registration of minor players as well as other relevant provisions with regard to the registration and participation of certain players in competitions.

“Additionally, Atlético Madrid and Real Madrid have been fined CHF 900,000 and CHF 360,000 respectively, while both clubs have been issued with a reprimand and given 90 days in which to regularise the situation of all minor players concerned.”

Real had been expected to try to make several signings in the summer with Manchester United’s David de Gea one of their main targets. The goalkeeper nearly joined the Spanish club last summer but in the end the paperwork was not completed in time.

Real have also been linked with a move for Chelsea’s Eden Hazard while Atlético are unlikely to sell key players such as Antoine Griezmann if they cannot buy a replacement.

A Fifa spokesperson confirmed to the Press Association that Real and Atlético would be able to sign players during their bans but would not be able to register them. The spokesperson said: “The ban does not prevent the clubs from signing contracts with new players, as long as the players are not being registered to play for the club.”

The sanctions against the Madrid clubs follow investigations initially conducted by Fifa’s transfer matching system officials and then by Fifa’s disciplinary committee. The Fifa statement added: “The investigations concerned minor players who were involved and participated in competitions with the clubs over various periods between 2007 and 2014 (Atlético Madrid) and between 2005 and 2014 (Real Madrid).”

Both clubs have announced they intend to appeal, with Real describing the decision as “absolutely unacceptable”.

An Atlético statement said: “Our club is not in agreement with the sanction from international football’s governing body and will study all the documentation we’ve received to present an appeal against the sanction.”

Barcelona, who were hit by a similar sanction in April 2014, failed with their appeals to Fifa and, later, the court of arbitration for sport and were not able to sign players for two transfer windows.