The red coloring is most likely dye and/or the tanning product in the leather. The diamond pattern on the back is typical of Russia strops and is not meant to be used as a stropping surface. Some Russia type strops have parallel lines impressed into the leather, instead of diamond shapes, and some are without a pattern. Depends on the manufacturer.
Some treat the linen/ cloth side with white paste (chalk), some are waxed at the factory and need no further preparation. Some barber books recommend rubbing soap into the linen strop followed by a bottle rubbing. Illinois Razor Strop Co linen strops seem to be untreated and work fine that way.
Probably the only thing you don't want to put on the linen is anything oily. And keep the linen as dry as possible. Don't soak it in water.
Scott
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