I'm speaking as a (slightly?) senior moderator on 2 sites of some importance. This is also my personal viewpoint, and does not reflect that of my fellow moderators, and certainly is not that of Stack Exchange.
Personally I do feel that the people responsible for the shameful and cowardly invasion of a independent, democratic and sovereign nation should be brought to justice.
In war however the ones who suffer are not the elite, the puppet masters, or the ones who blow the horns of war, but the common folk.
While I'm not free to share the details, there's many good members of our community - including employees, fellow moderators and others who're Russian or of Russian origin. They might not support Putin's policies, or his war and it seems unfair to collectively punish them.
We also have a site - an SO offshoot as well as a Russian language site with many users who might not actually be in Russia proper - I see a Ukranian flag atop the users list on ru.so and users from all over. Practically, any response to the current war on our end needs to be a little bit more considered than chucking all of Russia out.
Unofficially - but logically, I suspect that the company will be upholding any legal requirements for doing business with Russian entities, but what they do with teams and enterprise clients is an internal matter.
I'm also concerned with any Russian employees as people I have worked with as a moderator and human beings and for their safety.
Things like the expulsion of the Russians from SWIFT - what's essentially the global money transfer system might have indirect effects on how stack does business in Russia for example.
My heart also goes out to any Ukrainians who might read this. The world's with you, even if apparently the leaders of the free world seem to have misplaced their courage. I'm breaking a few rules doing this, but I hope y'all win back your freedom, and the folks responsible die alone on a cell in the Hague, which seems the fate of genocidal despots these days.
So basically, I think SE shouldn't be blocking Russia unless we had to, and the impact it would have would be minimal.