In Russian, this gesture is called "фига" (pronounced figga).
It hardly has any sexual connotation (like showing a middle finger, "the bird") and basically means that the one the gesture is being made at will never get what he wants, hopes or asks for, either from the one making the gesture or from anyone at all. I think verbally, it's close to the English "No way" or "Fat chance", in rather a crude way.
What I'd very much like to know is whether this gesture is known/popular in any of the English-speaking countries? What is it called and what does it mean? Is it really offensive or just sort of rude and yokelish if made at, say, not very close an acquaintance?