I've been geofenced and blocked my whole life, being from a small country no one gives a shit about. If not for the Internet, I'd likely be way more influenced by general media and be a pro-Russian usefu...less idiot. Because there would be no alternative, no way to learn and decide for myself.
So just my opinion, every person who can be influenced by western ideals (yes, I'm aware they're far from perfect) is worth it. Perhaps one of them can become someone of influence, either at home or as an immigrant.
Am I worth it? No. I don't add much to anything. But neither do the vast majority of Americans and Europeans. I'd just rather have a Russian/Chinese/Pakistani/Iranian/you name it as a friend than as an enemy.
If the price is learning proper configuration and/or a single core MIPS processor working overtime, I'd say it's worth it.
[citation needed] - I have Russian friends and they generally don't use proxies or VPNs.
Somewhat unrelated: I have noticed that SPAM from Russian servers stopped on Feb 23 right before the invasion; I wonder what that means.
(my research institution has also put a stop on all projects involving Russian collaborators at the moment; on the one hand, I can understand this reaction, on the other hand, it creates even more problems and, as you say, does not distinguish between those responsible for the conflict and those who are not. This is not really not an easy space to navigate.)
It seems like malicious traffic would be more agile come from everywhere, but if you block those two countries you filter a great deal of it.
The downside of static lists is that AWS, Azure, etc frequently purchase IP spaces and realign them with US datacenters. Probably not an issue for blocking Russia or China, but if you want US only traffic, or North American traffic, you can run into problems.
There are many different 3rd party sources for geo locating IP addresses, maybe MaxMinds is the most popular one. But if you acquire a few, you'll notice that sometimes even they don't agree where the location of a server is.
https://www.theguardian.com/technology/2016/aug/09/maxmind-m...
Russia doesn't reciprocate knowledge or technology or philosophy or anything with value. Primary Russian digital exports are bullet proof hosting, botnet-for-hire services, and low quality malware. Click spam, domain squatting... it's basically the red light district of the internet.