The five-time Grand Slam champion was provisionally suspended by the International Tennis Federation in early March, when she announced at a news conference in Los Angeles that she failed a doping test in January.
Sharapova said then she was not aware that the World Anti-Doping Agency had barred athletes from using meldonium, also known as mildronate, as of Jan. 1.
Her lawyer, John Haggerty, said Sharapova took the substance after that date.
Today's ruling said Sharapova did not intend to cheat, but bore "sole responsibility" and "very significant fault" for the positive test.
The two-year ban can be appealed to the Court of Arbitration for Sport.
Sharapova said she first was prescribed the Latvian-made drug, typically used for heart conditions, for medical reasons in 2006. She could have been barred from competing for up to four years.
The ITF ruling in Sharapova's case follows a hearing before a three-person panel. Lawyers representing the ITF argued their side, while Haggerty argued hers. He said she spoke at the hearing.
She is a former top-ranked player who is one of 10 women in tennis history with a career Grand Slam -- at least one title from each of the sport's four most important tournaments. So much came so easily for her at the start: Wimbledon champion in 2004 at age 17; No. 1 in the rankings at 18; U.S. Open champion at 19; Australian Open champion at 20. An operation to her right shoulder in 2008 took her off the tour for months, and her ranking dropped outside the top 100. But she worked her way back, and in 2012, won the French Open, then added a second title in Paris two years later.
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