The World Bank announced the termination of all programs in Russia and Belarus, citing "hostilities against the people of Ukraine."

The decision came as a large number of countries, organizations and businesses are cutting ties with Russia over the Ukraine crisis.

On Tuesday, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said she was considering Ukraine's request for emergency financing, while another program has given the country access to $2.2 billion by the end of June.

The World Bank Group also announced it is giving Ukraine a $3 billion support package.