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>They could probably run off donations with that sort of traffic

If they pivot to donations, I'll give it a fortnight before major payment processors such as Paypal deplatform them also.

They are currently using a service calling PayoLee:

https://www.payolee.com/checkout/5ed7f0febebae

Sounds large enough that they could manage and sell their own ads, cutting Google out of the loop, while ending up with advertisers more in line with their content. Handling one's own ads is a significant burden for smaller sites so paying the Google tax is worthwhile but larger sites like ZeroHedge likely can do better than with Google if they put in the effort. In many ways Google is coasting on inertia and relying on most sites not bothering with building and managing their own ad content.

They don't need donation, they get enough money from the Russian government.