Sure, but reaching a critical mass isn't. And for Russian freelancers looking for work outside of Russia a Russian LinkedIn isn't helpful. Maybe the problems with this regulation will be more obvious if a service like Github is blocked.
The real alternative - startup MoiKrug.ru ("my circle"), that was launched in mid-2000s - was purchased by Yandex, made irrelevant by lack of clear strategy and finally sold to some other investor.
The whole point of this Russian law is to remove this limitation.
This is only party relevant, but in the past few years the US started going after people solely based on the fact that they have some money in a US bank (and no other ties, i.e. 'presence'). So now you have the US Federal court in Brooklyn prosecuting the FIFA corruption scandal.
The original point stands, I think. If a state actor has interest in your affairs, they will find legal ways to spy on you, or create new laws so they can. Honestly, the NSA scandal, and the gross violation of personal privacy in the US after 9/11 should have taught people that. And the US is the bastion of modern democracy (saying this w/o sarcasm) to boot.
At any rate, US is not the bastion of freedom that Russia's actions should be compared to. Especially so when it involves three-letter agencies.
To clarify the distinction I'm trying to make - yes, US doing some shady shit, mostly trying to keep it in secret. Russia is explicitly legalizing such shady shit. And doing even shadier shit in secret.
Russia's GDP has been reliably falling since then. http://www.tradingeconomics.com/russia/gdp-per-capita-ppp