It would be like if Argentina decided to ban MtGox.com. It would only affect argentinians.
Indeed, if Argentina wanted to move against BTC-E, likely nothing would happen. Russia, on the other hand, is a global power, and may have the power to affect action in the relevant jurisdictions.
If, for example, the US wanted to move against BTC-E, we could likely expect the domain to be seized in a relatively short amount of time.
If the domain were to be seized, it would probably be online again fairly quickly as btc-e.tv or btc-e.ru or something along those lines...