Ballantyne was reported for striking Bugg in the third quarter of Sunday's clash at Patersons Stadium and would have risked a two-match suspension if he had contested the charge.
It is the sixth suspension of Ballantyne's career and his second this season, after he received a one-match ban for striking Sydney Swan Rhyce Shaw in round five.
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Ballantyne's was one of two suspensions handed down by the MRP, with Gold Coast's Tom Murphy receiving one-match suspension for kneeing Western Bulldog Jake Stringer during the fourth quarter of Saturday's clash at Cazaly's Stadium.
Ballantyne's hit on Bugg was assessed as a level two striking offence (125 demerit points), having been ruled to be intentional, low impact and involving body contact.
Murphy was charged with a level two misconduct (kneeing) offence (225 points), with his action ruled to be intentional, low impact and involving body contact.
The Sun would have risked a two-match ban if he had contested the charge at the Tribunal.
Port Adelaide veteran Kane Cornes accepted a reprimand and 93.75 carryover points for striking Richmond's Dan Jackson during the first quarter at Etihad Stadium on Sunday.
Richmond skipper Trent Cotchin received a $900 fine for making negligent contact with umpire Luke Farmer during the first quarter of the Tigers' clash with Port Adelaide at Etihad Stadium on Sunday.
Gold Coast's Greg Broughton and Western Bulldog Nathan Hrovat both accepted a $900 fine for wrestling each other at Cazaly's Stadium on Saturday.
The match-day report of St Kilda's Sam Dunell for striking North Melbourne’s Sam Wright was thrown out by the MRP.
Carlton's Lachie Henderson is free to play against North Melbourne on Friday night after the MRP ruled his clash with Ben McGlynn in the first quarter of the Blues' clash with the Sydney Swans on Saturday night had not constituted a strike and not been of sufficient force.
Other incidents assessed and cleared by the MRP included clashes between: Melbourne's Tom McDonald and Geelong's Brad Hartman; Saints ruckman Tom Hickey and North Melbourne defender Lachlan Hansen; and West Coast defender Jacob Brennan and Brisbane Lion Lewis Taylor.
