The situation in Russia isn't good.

The ruble had a meltdown on Tuesday after the Russian central bank unexpectedly hiked interest rates, and following these developments many began wondering what the broader or "contagion" impacts could be.

In a note to clients, Andrew Kenningham at Capital Economics put Russia's economy into a more global perspective, writing that "both trade and financial links between Russia and the rest of the world remain too small for Russia's plight to have major global implications."

Kenningham notes that Russia accounts for just 2.7% of world GDP and the country's share of world trade is around 1.7%. 

And while Russia is a big trade partner for countries like Poland and the Czech Republic, for economic heavyweights like the US, the UK, China, and Japan, "exports to Russia are of negligible importance."

And even for Germany, Europe's biggest economy, Russia is just the eleventh biggest export destination, lagging countries like Poland and Belgium. 

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