Here in the US, it's easy to feel as though we're very far removed from the Russian economy. We don't do a lot of business with Russia, and especially now since the new economic sanctions against Russia. But there are a great many European countries that have strong business ties to Russia, and these countries will suffer. We will also suffer as a consequence, since we have strong ties to those European nations.
A large number of countries in the west heavily indulged in business with the now dying Russian firms. Whilst jobs are lost in Russia, parallel companies in the Western nations also feel the pinch. Joblessness and collapse of the Dollar-ruble trading also adversely contributes to the situation further. There are numerous examples of companies which are already on their death beds due to the economic turmoil.
The West is interconnected to Russia. Not only do countries in Eastern Europe, and further West in Germany depend on Russian gas but many countries are also reliant on Russia as a major importer. Again, Germany will be specifically affected by this as Russia is one of their largest training partners.
If Russia's economy declines then there are goods and services that would normally be provided by Russia that now need to be provided by someone else.
The United States should step up and fill that gap. If Russia's economy situation is analyzed appropriately and responded to correctly we can create new jobs in America.
Now if only the US could make a strong case for economic sanctions against China. Their human rights record is even worse and they are occupying Tibet. Nixon, why did you ever open trade with China?
We won't experience any economic downturns because of the inner strife that Russia is facing right now. I think it will get a lot of lip service in the press but that life will essentially continue on as usual. We might see a bit of boycotting here and there, but nothing that will put a dent in the economy.