Shamil Tarpischev also received a one-year ban from involvement in the women’s tour.
Women’s Tennis Association (WTA) chief executive Stacy Allaster said the comments were “insulting, demeaning and have absolutely no place in our sport”.
However, Shamil Tarpischev claimed it was a “joke” with no “malicious intent”.
He added in a statement: “I didn’t want to offend any athlete with my words. I regret that this joke has garnered so much attention. I don’t think this incident deserves so much fuss.”
Shamil Tarpischev added the Williams sisters are “outstanding athletes” who “personify strength and perseverance”.
World number one Serena Williams, 33, has won 18 Grand Slam singles titles, while 34-year-old Venus Williams has won seven.
Stacy Allaster said: “Mr. Tarpischev’s statements questioning their genders tarnish our great game and two of our champions.
“His derogatory remarks deserve to be condemned and he will be sanctioned.”
iM1SGX_r02gImage source: Wikimedia Commons President-elect Donald Trump celebrated his election victory at the Ultimate Fighting…
Millions of voters across the US chose to return Donald Trump to the White House…
Donald Trump declares victory in the US election as he addresses jubilant supporters in Florida.…
Stocks around the world are rising as Donald Trump appears to be on the cusp…
Donald Trump has won Pennsylvania, North Carolina and Georgia and taken a lead over Kamala…
Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…