Some English-language Russian argument over the possible badness of this here, particularly "I am a Russian user, luckily residing in the US. I have over a thousand friends, most of them in Russia. There is a sheer panic in the Russian LiveJournal community. People are contemplating mass exodus. This used to be one of the last free speech platforms for the Russians. Now the halcyon days are definitely over." (I don't know about the entire userbase, but his friendslist is certainly worried, and several are setting up accounts on places like GreatestJournal.)
The first person here is all Yay! Russia! and the respondent is, "Yeah, but for my two cents, Putin still sucks."
More Russian expatriate reaction in English here.
fortuna asks about new Russian 'hate speech' laws are going to find their way down the chain.
as_p laughs (Xexe) and says in English DON'T PANIC, most of the rest of the Russian is a joke about a "big red button" that I don't understand.
georgedollie reports that a lot of Russian users were fleeing once SUP started managing LJ in Russia a year or so ago. A respondand links to here, here, and the Washington Post. Keep in mind that in Russia, Livejournal is not a second-tier player; that line about "blogosphere" in Russian being a shortened form of the Russian version of the word "Livejournal;" the Russian governmental oligarchy has a clear interest in taking control over the Russian internet opinion space. So.
dkmnow has a lot of links about SUP and the like here.
turkeyphant points to a critical Wired article about SUP. That's here. There are responses from one Russian LJ user in this chain.
marta is going around telling everyone again that "LiveJournal, Inc. is an American company based in California and is subject to California and US law. The servers will stay in San Francisco and the privacy policies won't change."
8irt provides convenient transliterations for LOL, OMG, and other important net words.
A couple of Russian-language speakers are going on here about this, and are kind of amused at all the kerfluffle to some degree but oxyd does note that the political community НБП was suspended shortly before the election. My checking shows that an NBP community (same thing, in Roman) has been deleted and purged, but the community ru_nbp still exists, and is specifically political - lots of discussion of election monitoring and charges of fraud. (I think it's a different community but I don't know.) Apparently there have been various efforts to throw off community moderators and such. And reportedly a lot of people have been (are?) leaving now that SUP owns Livejournal, Inc. outright.
So. Yeah. I recommend LJ Archive as a backup utility, it's easy and fast. Even if you don't do anything, or have to do anything, it's nice to have.
ETA: The Russian LJ News press release on lj_ru_support is pretty similar, tho' there, you have people tying the timing of unveiling of the "flag" button with the elections instead of, um, I lose track of what.
ETA3: penguin_yuh tells me that he doesn't see why everybody is running around spazzing and says that everything will be fine.