With an economic iron curtain dropping about Russia over its invasion of Ukraine, there are many areas of potential pain for oligarchs and common folk alike. And those who might have expected to be on the other side of transactions elsewhere in the world will find their plans are up in smoke.

One U.S. industry, commercial real estate, will be largely untouched by the direct cessation of housing purchases from Russia, according to the National Association of Realtors. But there will be plenty of spillover from other issues.

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