Besides if the censorship were the goal, then it's perfectly doable as of now and regardless of the physical location of the servers. Just ask Saudi's. To understand the motivation you have to stop reading Washington Times and looking at Putin's origins and instead consider what he has accomplished in recent years - he essentially resurrected the national pride. In this context, it's only logical that they now view their dependency on (mostly) US companies as unbecoming, especially in the light of Snowden revelations, hence the move in question. You may also recall the hocus-pocus Visa did not long ago by showing a middle finger to some Russian bank as per directive of the US department. Now, swap the US and Russia and consider what the US reaction would've been.

If you are thinking it's all about censorship, you are missing a much larger picture.