He will miss the games in Barcelona and Leverkusen.
However he may choose to appeal, as he clearly feels that he has no real case to answer.
This morning Shearer told the press: "I will be putting my case and after that it is just a matter of wait and see.
"Looking back to Wednesday night, the defender had me in a bear-hug and I tried to get free as best I could.
"They are brought up to do this from an early age and what was I expected to do? Just stand there and accept it?
"I had to try and get free and that is what I did. The referee saw what happened and called us over and chose not to take any action.
"He spoke to us in good English and said `I'll take no more from both of you - both of you get back there and cut it all out.'
"The referee saw what went on and took no action - so how can I be punished?
"Don't get me wrong - I am not complaining about the way the Italians defend. It is an art with them and almost a wresting match.
"I am a big fan of Italian football - and after all it's a man's game."
The attack for the game in Barcelona now looks pitifully weak with Bellamy already banned.
We are going to need all our fighting spirit now.
One thing that is worth noting is that while most of the press take delight in criticising us, Mike Ingham from Five Live defended Shearer.
Very reasonably he pointed out that Shearer should accept his ban if all future incidents of a similar nature are investigated and that UEFA should now investigate the antics of Cannavaro (who fouled Shearer 11 times on Wednesday) and Marco Materazzi.