If Russia's economic death spiral continues — and after the Russian central bank proved it can't control the ruble's decline on Monday and a Slavic banker declared "the end of the banking system" on Tuesday, it seems the spiral will indeed rage on — who stands to lose?
Besides Russians themselves, many of the worst-hit nations would be members of the European Union.
FactSet analyst Michael Amenta broke down the average exposure that companies in various countries have to Russia, writing in a September research note:
[C]ompanies domiciled in Austria, Finland, and Poland have some of the largest average revenue exposures to Russia at 7.4%, 6.2%, and 5.6%. In addition, European countries with larger public markets, such as The Netherlands, United Kingdom, Ge[r]many, and France, contain companies averaging several percentage points of revenue exposure as well (5.3%, 4.0%, 3.4%, and 3.2%, respectively).
The first non-E.U. member on Amenta's list is Turkey, with an average exposure just a tick above 5 percent.
The average exposure of U.S. companies' sales to Russia: merely 1.4 percent.
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