The Serbian came on as a half-time substitute during Liverpool's 1-1 draw in their final Group B encounter at Anfield.
His time on the field lasted just over 15 minutes, however, as he was shown a straight red card by referee Bjorn Kuipers after attempting to fend off a challenge from the chasing Behrang Safari.
As Markovic put out his hand, he made minimal contact with Safari's face, but Kuipers deemed it enough to send Markovic from the field.
On Tuesday, UEFA announced that Markovic had been banned for four matches, meaning he will miss both legs of the last 32 clash with Besiktas, as well as the last-16 tie should Liverpool progress.
Acts of violent conduct are usually punished with a three-match ban, although Markovic has received a stiffer punishment having also been sent off in the second leg of Benfica's Europa League semi-final against Juventus last season following a touchline altercation.
