American owners of Russian securities—stocks and bonds—individuals and pension funds and index and targeted funds—are belatedly selling them—or trying to.
Who wants to buy them? Maybe no one.
And they may become worthless by Russia simply confiscating the stock value and directing the Russian bond issuers to default on the bonds. That, in a sense, “solves” the problem of selling them. You may not have to sell them because they no longer exist.
I have never owned “emerging market” stocks or bonds. Corrupt banana republics.