I think this has a large effect on US stock markets and is one reason why I believe that US markets are vastly less vulnerable to a correction of any significant size than most people think.
US markets are simply the world’s money toilet at this point. If you were a Russian and saw these serial 5-7% devaluations, and could all at once extract your money from Russia *and* transform it into USDs (thus removing it from the threat of Ruble devaluation) *and* get dividend paying stocks *and* get the best management in the world, why would you fear a 10% US market correction, all of which in recent memory have corrected themselves within weeks?
It’s a function of GDP. Oil exports count for about 40% of GDP for Russia. In the US it’s less than 1%. The US economy is more diverse. Russia has all its eggs in one basket.
CC
Yes, and to add to your analysis, the dividends they’d be getting would be buying them a far greater number of rubles every quarter.