I'm only a little upset that English doesn't have the phonetics to make Gayrope work. First, it just gets reanalyzed as Gay Rope, which is probably a fun time, but not what we're talking about here.
Right, context. Гэйропа as a portmanteau of гэй + Европа. It used to be a popular word in Russian propaganda about the rotten west. It might have fallen out of prominence because the propagandists are busy with other targets. Or maybe with a change in media policies, I don't get as many random glimpses into that world. Either way, it's trying to cement the association that Europe (a place you might want to go/live/emulate) is actually Gay (bad, scary, alien). But if you don't come in with that baggage about the gays, then Yeah, ABSOLUTELY Europe is Gay. In fact, it's actually insufficiently gay and could do with more gay. Maybe Гэйропа can be an aspirational concept for Europe itself.
Now, back to the hegemony of English. It sucks. Because for the best kind of portmanteau, you want to find an overlap of sounds between the end of one root and the start of the next one. In гэй + Европа it's in the э. Sure, it's yevropa not evropa, but we can just match up the vowel sound and it's good. English however? Gey + Yurop. If you can only overlap the final/initial consonant, what you have there is just two words in sequence. Gay Europe. Not sufficient. So, ok, we replace the entire first syllable with gay. It almost works. It's got bits of both words, it looks like a portmanteau. But since the vowel sounds are so different, it's very hard to actually reconstruct Europe from Gayrope. You could also err in the other direction and go for Geurope. In which case it's almost impossible to reconstruct the gay.
Conversely, it works even better in Latvian. Geji + Eiropa = Gejropa/Geiropa. Because the overlap isn't a single vowel sound, it's the whole dang diphthong!