I mean, it is an American company paying out the ad revenue, and deciding which videos can be monetized or not. So yes, if a Russian wants to get paid advertising money by youtube, they would need to follow American laws.
All that would achieve is the next popular video sharing website not being American. YouTube has a lot of viewers, advertisers, content providers that aren’t Americans.
This approach has a two fold problem. One, what if you are say Canadian or European, does this mean that America now gets to decide what your kids do and don't watch? Secondly, this type of action can lead to retaliation and segmentation of the internet into regional entities where you have an American internet, a Russian Internet, a European Internet etc. We have been trying very hard (not fully succufully, see China) to avoid this.
It is not an approach, it is just the law. An American company has to follow American laws, even when their customers/business partners are non-American
