bpdulog

I guess you could use US rates as a proxy hedge for Russian rates, but this would probably not be reliable. For instance, in a bearish environment, US rates will probably decline, but Russian (swap) rates might increase due to higher credit spreads.

I think the appropriate answer really depends on what you are trying to do. If you are trying to construct a hedge, then you will probably need to find some kind of Russian rates swap. RUB is non-deliverable, so NDFs might not be a good hedge for Russian rates exposure. If you are trying to write some kind of academic article, then maybe regression analysis is sufficient.