> you must live in the U.S., which explains why you think your experience generalizes to the whole world
On the contrary, I live in Serbia, but 45 years before that I lived in Russia and USSR. So I have a first hand experience with currrent Russia's situation and all the events led it here.
For now, you either cannot have an account on Russian exchange if you are non-resident, or even if you do - you just cannot do any trade. If you have an account with the bank which has connection to sanctioned Russian banks - you will be presented with the rate far different than that you see on Forex. And you have to trade not USD or EUR or other credible currency, but in yuan, which is cursed by CCP (even Chinese people don't want to keep their savings in yuan) or, even better, turkish lira, which is cursed by Erdogan and has tremendous inflation of 10-15% per year for last 5 years. Good luck exctracting you arbitraged value from those.
I also see a visible volume of rupee/ruble on MICEX, but I don't think the rupee is a viable alternative to yuan or TRY for that matter.
On the contrary, I live in Serbia, but 45 years before that I lived in Russia and USSR. So I have a first hand experience with currrent Russia's situation and all the events led it here.
For now, you either cannot have an account on Russian exchange if you are non-resident, or even if you do - you just cannot do any trade. If you have an account with the bank which has connection to sanctioned Russian banks - you will be presented with the rate far different than that you see on Forex. And you have to trade not USD or EUR or other credible currency, but in yuan, which is cursed by CCP (even Chinese people don't want to keep their savings in yuan) or, even better, turkish lira, which is cursed by Erdogan and has tremendous inflation of 10-15% per year for last 5 years. Good luck exctracting you arbitraged value from those.
I also see a visible volume of rupee/ruble on MICEX, but I don't think the rupee is a viable alternative to yuan or TRY for that matter.