In addition the International Tennis Federation (ITF) said it will not grant ranking points to Wimbledon this year for junior and wheelchair tennis events.
Tennis' governing bodies have banned Russia and Belarus from international team competitions following the invasion, but allowed players from the two countries to continue competing as neutrals.
"The ability for players of any nationality to enter tournaments based on merit, and without discrimination, is fundamental to our Tour," the ATP said on Friday.
"The decision by Wimbledon to ban Russian and Belarusian players from competing in the UK this summer undermines this principle and the integrity of the ATP Ranking system. It is also inconsistent with our Rankings agreement.
WTA Chairman and CEO Steve Simon said: "Nearly 50 years ago, the WTA was founded on the fundamental principle that all players have an equal opportunity to compete based on merit and without discrimination.
"The WTA believes that individual athletes participating in an individual sport should not be penalised or prevented from competing solely because of their nationalities or the decisions made by the governments of their countries."
The moves effectively reduce the world's most famous tennis tournament to an exhibition event, albeit with significant status and prize money.
The All England Lawn Tennis Club (AELTC), which runs the championships, have said that the ban was their only viable option under the guidance provided by the British government.
The most notable of the players banned, Russian world No.2 Daniil Medvedev, said on Friday he will not take the AELTC to the Court of Arbitration for Sport (CAS) to contest it.
"I'm not a lawyer... if I can't play I'm not going to go to court for this one," Medvedev said.
Russian football authorities have gone to CAS to argue against bans on football teams.
