The Waratahs could surrender top spot on the Australian ladder to the Rebels with a loss. After the weekend, only two rounds remain before the finals.
The World Rugby judicial panel consisted of Shao Wang (chair, Singapore), Val Toma (Romania) and Eroni Clarke (NZ), and the hearing took more than four hours to reach an outcome.
Rugby Australia and Folau have made no official comment but they've indicated they are set to appeal the ban and hope to have the matter heard on Thursday morning or Friday.
Wallabies coach Michael Cheika defended Folau's actions after the match at Allianz Arena on Saturday night.
"The key word today is clear and obvious," Cheika said.
"I don't know what anything is clear and obvious in a game of footy.
"Nothing. "But they run with it.
"Look at (referee) Angus (Gardner) last week, I really felt for him.
"He made a decision based on the rules that they give him and they took away a red card, and basically said you made the wrong call.
"I'm not sure how you can clarify it any more or any less, to be honest.
"Rugby, there's no black and white in this game, there's a lot of grey and it's about the interpretation in the grey.
"I don't know how they could clarify it."