I've first seen that image in Russian pro-war publics back in 2015.
The flag in the middle is real. And it totally does have neo-nazi undertones. But they had to photoshop in the flags on the sides because they probably didn't expect average Russians to get the subtle cue of that Azov quazi-swastika. Back in 2014, when Russia first invaded, we pretty much had no regular army and the state was in disarray so that group did make it to a volunteer battallion.
The funny thing is they were a Russian streak of neo-nazis. Azov was almost exclusively Russophone and that "kolovrat" on the flag is exactly the same as Russian neo-nazis use. Although it was always a riddle to me what kind of neo-nazis they were, given there were jews, georgians, crimean tartars and other minorities among the fighters.
The regiment was reformed since but it was a very poor decision to keep the flag. It needs to go. And it's really unfortunate how this regiment is being martyred in Mariupol so now we have this particular unit as national heros. Even though there are three other regular regiments fighting in Mariupol but they just had no pr.
In either case, the leap from a single volunteer regiment in a 250k people strong army having questionable roots to our jewish president, and basically the entire country and also the entirety of Western countries who support us, being nazis is outstanding.