Being unable to grasp what its for, and only being capable of two comparisons, they have made their complex calculation. Since it doesnt look like Harry Potter it is obviously Russias equivalent of the swastika. Also some are saying its related to Q as in Qanon.
https://twitter.com/kamilkazani/status/1500495309595725831?t=kp3vmidXVeemkG4e3cFVHw&s=19
On that note, what Z actually refers to?
Like, the only time I used to see Z used in normal Russian existence would be as placeholder to mark place for your signature.
AFAIK "Operation Z" is the codename for the invasion.
Fitting name for operation to bury a country, even if not the intended one.
Of course assuming this is correct source of the meme.