THE WHOLE TRUTH includes the fact that the "ban" clearly is within the context of overflights. Baltia is not overflying Russia, and access into and out of St. Petersburg should not be affected, IMHO. The article, when read carefully, discusses ONLY carriers overflying Russia - NOT those providing service into and out of Russia.
The airlines that will be affected are those who must overfly Russia in order to efficiently reach their destination beyond Russia. IF IMPLEMENTED, it will cause those airlines to circumnavigate Russian airspace, causing them higher costs to provide the service. This will NOT affect Baltia's service to St. Petersburg, nor the additional routes they have planned to numerous cities that do not require any overflight of Russia.
Things looking good for Baltia, IMHO. GLTA