The Wikipedia has the following information about this codepoint:
Kazakh Short U (Ұ ұ; italics: Ұ ұ) is a letter of the Cyrillic script. In Unicode, this letter is called "Straight U with stroke". Its form is the Cyrillic letter Ue (Ү ү Ү ү) with a horizontal stroke through it.
Kazakh Short U is used in the alphabet of the Kazakh language, where it represents the close back rounded vowel /u/, or the near-close near-back rounded vowel /ʊ/. In other circumstances, it is used as a replacement for the former letter to represent close front rounded vowel /y/ in situations where it would be easily confused with Cyrillic letter У у. It is romanized as ⟨ū⟩ in Kazakh (2021 reform).