The case has been "closed" after an eight-month investigation into their accounts for the financial years ending 2015, 2016 and 2017.
That means the French champions will be allowed to take their place in next season's Champions League.
But to meet the requirements for the 2017/18 year, they have been told they must sell £53m worth of talent THIS MONTH.
And further down the line, the fact that they are still over the limit now makes the prospect of being able to sign Kylian Mbappe for £166m almost impossible.
The 19-year-old spent last season at the Parc des Princes on loan from Monaco, with an 'obligation-to-buy' clause inserted in the deal.
It could mean the French international spends a second season on loan with the champs.
A statement from Uefa on the ruling reads: "The CFCB Investigatory Chamber further decided to close the investigation in to Paris Saint-Germain.
"Such decision follows a detailed review of transfer contracts and an analysis of the related management accounts which confirmed that such transactions were in line with the Uefa Club Licensing & Financial Fair Play Regulations."
The cash-rich French club purchased Neymar last year for a world record £198million and are obliged to buy Kylian Mbappe this summer for £162m after his season-long loan this year.
Europe's big clubs reportedly put pressure on Uefa to give PSG a slap on the wrist, given Financial Fair Play was set up to stop cash-rich buyers coming in and simply purchasing an entire dream team.
Some sceptics have seen FFP as a mechanism for the established big sides in Europe to maintain a status quo though, meaning they can stay on top by keeping up traditional revenue streams like TV and match tickets.
But after checking the French club's balance sheets, the case has been closed by Uefa – for now.
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