The 23x152B OFZT is a HEI-T, High Explosive Incendiary Tracer bullet.

When it is shot, the tracer will show its path for 5.5 seconds.
It has the MG-25 time-and-percussion fuse.

After flying 11 second, it will self destruct, to avoid collateral damages on the ground.

If it hits the target, than the fuse will delay, while the bullet will flies approx 10~20cm inside of the target, then detonate.
The detonation sends shrapnel mainly in a cone formation forward of the bullet.

The MG25 fuse is quite a complex design...