According to the major US bank JP Morgan, the Russian economy will collapse sharply in the second quarter due to the war in Ukraine and the sanctions imposed by the West: by 35 percent.

According to a current estimate, the economy will shrink by 7 percent in 2022 as a whole.

The development will be comparable to the severe economic crisis of 1998, the global financial crisis of 2008 and the consequences of the coronavirus pandemic.

Exports are likely to fall by 13 percent this year, domestic demand by 10 percent and imports by around 30 percent.

"It is also clear that Russia's increasing economic and political isolation will lead to lower growth in the long term," writes analyst JP-Morgan-Anatoliy Shal. Zero growth is expected in the coming year. The long-term trend growth is likely to be only around 1 percent.

The rating agency S&P pushed its rating for Russia's creditworthiness even deeper into the junk zone.

The credit rating will be reduced from "BB+" to "CCC-".

"The downgrade follows the imposition of measures that we believe will significantly increase the risk of a default," it said, referring to the new Western sanctions.

The rating agency also warned of further downgrades, as the outlook will continue to be negative.

Meanwhile, other large companies have announced that they will put their Russian business on hold.

Chip giant Intel suspends all deliveries to customers in Russia after attacking Ukraine.

Belarus, which supports the Russian invasion of Ukraine, is also no longer supplied, as the US company announced on Friday.

Intel is the main provider of processors and servers in data centers.

Google is also suspending its advertising business in Russia until further notice.

The group informed the US broadcaster CNBC, among others, that advertising was affected both in the context of Internet searches and on the YouTube video platform.

Previously, Google only blocked certain war-related ads.

As another tech company, the apartment broker Airbnb stopped its activities in Russia and Belarus, as company boss Brian Chesky wrote on Twitter.

Among other things, Apple had already stopped deliveries of its devices to Russia and services in the country.