Let me offer a different point of view.
In 2014, the US overthrew the elected gov’t and began training and arming Neo-Nazi militias and abetted their attacks on Eastern Ukraine and the killing of at least 14,000 civilians. Russia protested. But the US, France, UK failed to honor the Minsk agreement. Finally, Putin had had enough and launched the “Special Military Operation”, which is still far from achieving its objectives, mainly, the protection of Russian-favoring citizens, protection of Russia’s access to the Black Sea, and the demilitarization and de-Nazification of Ukraine. I applaud those objectives, and I’m confident they will be achieved. But Putin’s campaign is still far from achieving those objectives, as the US and most of the Euro nations continue to pour weapons into Ukraine.
Meanwhile, however, some larger things are happening. As a countermove to sanctions imposed by the US and some of its allies (only 30 the world’s 195 countries have followed the US’s lead), Russia has linked the ruble to gold and and a commodities basket. China and India are also moving in that direction. That’s the war that Putin is definitely winning, namely, Dedollarization, which will have a huge impact on the US. As the non-aligned countries of the world move away from using the $US dollar in trade, our dear Fed/Treasury cartel won’t be able to print so freely, and we won’t be able to buy imported goods so cheaply. Can’t happen? Won’t happen? Even the US’s staunch, Mideast ally, Israel, is reducing the amount of $US dollars it holds in it currency account and replacing them with rubles and yuan. The most likely effect of global dedollarization is a sustained depression for us. That’s the “economics” of the “macro”. Meanwhile, as the least dirty shirt in the laundry basket of fiat currencies, the $US dollar is rallying, and I’m long. But --long term-- the $US dollar is a short.
When the ruble crashed on Feb 24, I knew the sell-down was overdone and scrambled to find a forex dealer who would sell me rubles. (Not a one. That market had been shut done and still remains closed to investing.) Next, I looked for ways to buy Russian stocks. Only a few trade as ADRs, and I bought some. (Since then, they had been blocked from trading.) Lastly, there were some ETFs whose investing objectives were Russian stocks, and I bought 'em. (They have since been locked from trading.) But there’s a backdoor, the Central and Eastern Europe Fund, CEE, which is still trading and which I got into sub-$8 and is now trading higher.
There’s lots more that could be said. E.g., how the disruptions in Ukraine will affect the price of food and energy and what might be the investing implications. But this post is already long enough.