The La Liga rivals have lost their appeals after breaching rules regarding the transfer of foreign players under the age of 18.
They won’t be able to sign players for a long time – and both clubs will be highly unlikely to allow anyone to leave.
A number of Premier League deals could now be off because of the embargo.
The big four clubs may well be cursing their luck that potential moves for the likes of Antoine Griezmann and James Rodriguez are now off the cards.
But they might also breathe a sigh of relief that superstars such as David De Gea and Eden Hazard are much more likely to stay put.
Click through the gallery above to see the transfers which could now be off after the transfer ban.