Russian Wikipedia will continue without the Wikimedia chapter, for clarity. It's not going offline.
P.S. Kinda funny how the narrative of "THEY are rewriting history" is now present in both opposing blocks. These are truly the end times of objectivity and pluralism.
And pluralism is arguably as alive as ever - anyone can start a blog and be as successful as anyone else in pushing opinions, without the capital that used to be required to broadcast one's view of the world. If anything, the current problem is that the spectrum of political debate has widened so much that we struggle to contain it in the old institutions.
Wikimedia Russia was an outreach organization; their role was primarily to run local conferences and fundraise. Its closure has no impact on the operations and policies of the Russian Wikipedia and other localized projects -- which are, in any event, focused on the language, not the country. (By way of analogy, notice that the Chinese Wikipedia is still operational, despite the site having been blocked in mainland China nearly since its inception.)