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.

Investment in US housing from Russia is a relatively tiny business. According to the NAR, foreign buyers account for 1.8% of existing-home sales. Russians are 0.8% of these, or less than 0.014% of home purchases. "Even in Florida, which had the most Russian purchases, they accounted for just 0.2% of Florida's total market during July 2020-June 2021," the NAR says.