The Hull striker was this month charged with aggravated misconduct by the Football Association after posting on Twitter a picture of Anelka's infamous goal celebration accompanied by a message of support.
An Independent Regulatory Commission was convened to hear the case and Sagbo, who admitted the charge, has now been fined and warned over his future conduct.
The Ivory Coast international must also complete a compulsory education course.
Both the player and the FA have the right to appeal the Commission's verdict, which will be explained in writing "in due course".
QPR defender Benoit Assou-Ekotto was charged with the same offence at the same time as Sagbo, while Liverpool's Mamadou Sakho and Samir Nasri of Manchester City were warned for earlier offences relating to the 'quenelle'.
Anelka's comedian friend Dieudonne popularised a gesture associated by some with anti-Semitism.
The striker was banned for five matches for his goal celebration during West Brom's game at West Ham in December, although an Independent Regulatory Commission found he was not an anti-Semite.
He was later sacked by West Brom for gross misconduct after announcing his intention to quit the club.