NEW YORK (Reuters) – The Institute of International Finance, the largest international banking group, said Thursday that U.S. sanctions on Russia “will have a significant impact” on its overall economy and would likely cause it to contract.

“Average Russians will feel the (economic) cost” of new sanctions because they could trigger a run on banks there and will force the country’s central bank to continue hiking rates, the group said in a statement.

(Reporting by Elizabeth Dilts Marshall)