KimKat has written
Assumably the image file might contain a ADS (Alternate Data Stream) which simply contain the malware or other type of spyware.
In example.
Let's say "greylogo.png" from "imageshack.us" contains a ADS like this greylogo.png:keylogger.exe clearly you don't know if the image contains malware unless you use a ADS-reader type of programme. That way you can determine if a file is infected by malware or spyware then you could delete the ADS, by doing that the keylogger will be deleted from the actual file itself which was greylogo.png.
However in this case it's not really possible as the image is hosted on a domain, people don't have rights to modify the image, so people that browses that page will get infected by malware or spyware which kind of is bad. Block the IP 81.176.238.40 or the hostname s017.radikal.ru and you'll have no problem.