As a representative of the American community, I believe that the economic downfall of one country can greatly impact the general global stock market success as a whole. As we know, the global stock market is not controlled and accessed by only one or two countries, it is a group of internationally relatable countries that all have one thing in common: their interest in trading with one another.
The currency crisis in Russia, and the resulting rise in interest rates to 17%, have broken investor confidence in the rouble. This could result in a global run on the rouble, pressure on the Russia's ability to meet it financial obligation to banks world-wide. This would put pressure on companies that have finanical dealing with the Russians.
Yes, I think that it could have a large impact on the global stock market. The size of the impact really does depend on the response of the country and partly on the response of the people that they might need help from. Hoping it does not have a huge negative effect.
The collapse of the ruble will send a few waves in the markets, but in general, people are looking at Japan and the recession there and how the Yen is affected. The political instability of the EU also makes the Euro weaker, so there are many factors in the stock market at present and the ruble is only one of them.