Rio de Janeiro, Nov 15 : Brazil has been banned from international basketball tournaments for "serious" rule breaches, the sport's world governing body International Basketball Federation (FIBA) said.

In a statement on Monday, FIBA said the Brazilian Basketball Federation (CBB) "failed to comply with its obligations" to send youth and senior teams to international competitions, Xinhua news agency reported.

The entity said Brazil was also penalised for cancelling a recent world tour event in Rio de Janeiro.

"The overall financial situation of the CBB does not allow it to finance its operations or to be in good standing in its country," FIBA said, adding Brazil faced "serious institutional, sporting and financial difficulties."

In addition, FIBA said Brazil was guilty of allowing third parties to influence the selection of national teams in return for funding. FIBA also said it was owed money by the CBB.

The FIBA said it would reassess the suspension at its next meeting in January. The CBB said it was "surprised" and would consider legal action to challenge the decision.