Som, a bit similar to how Arabic [i] sounds after [q] (as opposed to k). your tongue goes up at almost the same place as q.
It is central or back sound. When I said it I feel as if I'm saying something very "back", but then I compare to [u] and realize that [u] is deeper. When I demonstrate it, I always feel an urge to hyperarticulate it, to pull corners of my moths as far to the sides as possible, grinning. Much more than Olga does it in the video. But in speech lips may not take part in articulation.
When isolated, hyperarticulate and tense, it is a "funny" sound for us, in a rude way. Combinations гы кы хы sound particuarly rude. You only find them in interjections (кыш! We say this to small animals to make them get away from some place), foreign place names, and imitations of rude "troll" kind of laughter гы-гы-гы.