The IOC said it made the decision “in order to protect the integrity of global sports competitions and for the safety of all the participants”.
The body also urged federations to ensure that no athlete or sports official from Russia or Belarus would be allowed to take part under the name of Russia or Belarus.
The statement from the IOC comes shortly before the Winter Paralympics, which starts in Beijing on Friday.
“Russian or Belarusian nationals, be it as individuals or teams, should be accepted only as neutral athletes or neutral teams. No national symbols, colours, flags or anthems should be displayed,” the statement added.
The IOC also said it had taken the ad hoc decision to withdraw the Olympic Order from all persons who currently have an important function in the government of the Russian Federation, including Russian President Vladimir Putin.
It said it made the decision based on “the exceptional circumstances of the situation and considering the extremely grave violation of the Olympic Truce and other violations of the Olympic Charter by the Russian government in the past”.