
Anything that hits the global markets has a ripple effect beyond the immediate and obvious. In the case of the Russian/Ukraine conflict, there are thousands of developers in both nations who used to work for global enterprises in offshore roles; those resources are now busy dealing with embargoes and survival, respectively, not deadlines. So those impacts on those two nations flow well beyond their borders.
There is more to the importance of a nation than its spending; sometimes its earning levels are more important in the overall perspective on things.