However, the rainbow flag -- a symbol of the homosexual, bisexual and transgender community -- will be authorised at the Ullevaal stadium.
"At Ullevaal, it has been decided not to grant requests for demonstrations, because it is a sports event," the association said on its website, explaining that the ban, in line with standard procedures, would apply to political banners and messages.
"Rainbow-coloured t-shirts are permitted. The same rule applies to flags of limited size."
Some thirty supporters had previously complained they had been warned they could be denied access to the venue if they carried rainbow flags.
"We're going to the match after all. We reached an agreement," a spokesman for the group, Gjert Moldestad, said on Twitter after the association's statement was published.
Russia last year adopted a controversial law banning the "propaganda" of homosexuality to minors, prompting condemnation from Western leaders and rights activists.
Moscow has also banned adoption of Russian children by foreign gay couples