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What exactly is happening in this photo?

Bull751, looks like spme sort of shennanigans. I also wish there was more of a description.

While I couldn't say what show this photo was from I can tell you they are Yak-52s from the Romanian aerobatic team 'Iacarii Acrobati Aerbatic Yakers'.

Their FB page https://www.facebook.com/iacariiacrobati.aerobaticyakers/

Oh, and they are not "very" close at all. Close but not VERY close.

You are right babyracer, there are Yak 52s from Iacarii Acrobati which is a team of three planes. They are flying as an aerobatic team, and also sometimes they are flying with Jurgis Kairys in a team called Air Bandits. The photo is from 2016 Bucharest International Airshow.