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Mexico City (AP) 鈥� Three Mexican financial institutions sanctioned by the Trump administration last week have felt a cascade of economic consequences following the allegations that they helped launder millions of dollars for drug cartels.

It comes after the U.S. Treasury Department announced that it was blocking transactions between American banks and Mexican branches of CIBanco and Intercam Banco, as well as the brokering firm Vector Casa de Bolsa.

In presenting the sanctions on June 25, officials provided no evidence to back their claims, fueling criticism from Mexican President Claudia Sheinbaum.

Shortly after, Mexico鈥檚 banking authority announced that it was temporarily taking over management of CIBanco and Intercam Banco to protect creditors.

Sheinbaum said on Tuesday that the Mexican government is doing everything within it鈥檚 power to ensure that creditors aren鈥檛 affected, but said they were well 鈥渨ithin their right鈥� to pull their money from the banks. The U.S. Treasury Department said that the sanctions would go into effect 21 days after the announcement.

All three companies have fiercely rejected those claims.

Despite that, the financial institutions have been dealt economic blows following the announcement, which are set to have stretching impacts on the companies.

Days after the announcement Fitch Rating downgraded the three institutions and other affiliates, citing 鈥渁nti-money laundering concerns鈥� and saying the drop 鈥渞eflects the imminent negative impact鈥� that the sanctions could have.

鈥淭he new ratings reflect the significantly more vulnerable credit profile of these entities in response to the aforementioned warnings, given the potential impact on their ability to meet their financial obligations,鈥� the credit rating agency wrote in a statement.

On Monday, CI Banco announced that Visa Inc. had announced to them with little warning that it had 鈥渦nilaterally decided to disconnect its platform for all international transactions鈥� through CIBanco. The bank accused Visa of not complying with the 21-day grace period laid out by the U.S. Treasury Department sanctions.

“We would like to reiterate that your funds are safe and can be reimbursed through our branch network,” the bank wrote. 鈥淲e reiterate to our customers that this was a decision beyond CIBanco鈥檚 control.鈥�

S&P Ratings also withdrew CI Banco from its ratings index, saying that it was because it had terminated its contracts with the bank following the U.S. Treasury announcement.