What is the value of for example Grenoble mba offered in Russia/Moscow or Texas A&M MBA in Bosnia etc-do those degrees have only local value or you could get a job in France or USA with those degrees(I suppose the diplomma does not say where it was acquired)?
Is the chief value of an expensive program in the recruiters that come to campus?

The value is lower than in the school's domestic market, but higher than most similar qualifications in that 'export' market.

No, the value isn't mainly in campus recruiting. It's in the way the MBA programme transforms the students.

Also note, that many local programs, like Grenoble (or my choice AMS\IBS-M), are not 100% presented in English. In Grenoble it's no more then 40% (30% in AMS). These programs aimed for Locals (no not much diversity either), so Russian is a must.

You'll be getting the same quality of teaching as the programme in its home country but these programmes are aimed at locals who cannot travel out of the country or want to stay in their jobs while they learn. The career offices also offer the same quality of services to these students and they can go on trips to the main campus if they wish to.

In the specific case of Grenoble, I don't think it's the case that the teaching quality will be the same. Grenoble is a respected school with faculty who are world class professors: the same won't be true with their London partner, for example.

Furthermore, the quality of teaching depends on the quality of student. More effective students learn fast and participate more usefully in class: that accelerates and amplified the teaching.

PS In Grenoble itself the English-language programmes are only in English (unless you choose French electives).