The Portuguese was dismissed by Australian referee Ben Williams at the end of extra-time of Greece's last 16 clash with Costa Rica on June 30.
After the game had finished 1-1, Greece were defeated 5-3 on penalties, with Santos subsequently leaving his post to end his four-year reign in charge.
On Monday, FIFA announced that Santos had been banned for eight games as a result of his actions in Recife - something that could hamper the 59-year-old in his bid to find new employment.
"Remaining disciplinary cases relating to incidents that took place during the 2014 FIFA World Cup have been decided on by the FIFA Disciplinary Committee and duly communicated to the relevant parties," a statement from the global governing body read.
"This includes the case involving Greece coach Fernando Manuel Fernandes da Costa Santos, of Portuguese nationality, who was sent off after extra time of the FIFA World Cup match between Costa Rica and Greece on June 29, 2014.
"Fernando Manuel Fernandes da Costa Santos is suspended for eight matches in accordance with art. 19 par. 1 and par. 2 of the FIFA Disciplinary Code (FDC) after breaching art. 49 par. 1 a) of the FDC for displaying several acts of unsporting conduct towards the match officials."
FIFA have also sanctioned Italy physio Aldo Esposito, sent from the dugout during the 1-0 loss to Uruguay in their final group stage match - a result that saw the 2006 champions exit the tournament.
"Aldo Esposito is suspended for six matches in accordance with art. 19 par. 1 and par. 2 of the FIFA Disciplinary Code (FDC) after breaching art. 49 par. 1 a) of the FDC for displaying several acts of unsporting conduct towards the match officials," the organisation added.
"In both of these cases, all match suspensions imposed by the FIFA Disciplinary Committee shall be served in the next official matches of the "A" representative team for which Fernando Manuel Fernandes da Costa Santos and Aldo Esposito serve as an official, in accordance with art. 38 par. 2 a) in connection with art. 38 par. 5 of the FDC," the statement continued.
"Both officials have also been fined by the FIFA Disciplinary Committee."
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