It doesn't look like phpMyAdmin problem. When you code in plain PHP
everything is fine. I just tried the following test:

class IndexController extends Zend_Controller_Action
{
    public function indexAction()
    {
        $db = Zend_Db::factory('Pdo_Mysql', array(
            'host'     => '127.0.0.1',
            'username' => 'root',
            'password' => '',
            'dbname'   => 'daemonnotes'
        ));
        $db->query("SET NAMES 'utf8'");
        $db->query('SET CHARACTER SET utf8');

        $db->query("INSERT INTO v2_translations(en_US, ru_RU) "
                  ."VALUES ('TEST', 'ТЕСТ')");

        $table = new Zend_Db_Table();
        $table->setDefaultAdapter($db);
        $table->setOptions(array(Zend_Db_Table_Abstract::NAME =>
'v2_translations'));

        $data = array(
            'en_US' => 'TEST',
            'ru_RU' => 'ТЕСТ'
        );
        $table->insert($data);
    }
}

The first insert is OK, the second is not:
id     en_US     ru_RU
91     TEST     ТЕСТ
92     TEST     ТЕСТ

Here is the table:
CREATE TABLE IF NOT EXISTS `v2_translations` (
  `id` int(10) unsigned NOT NULL AUTO_INCREMENT,
  `en_US` text COLLATE utf8_unicode_ci NOT NULL,
  `ru_RU` text COLLATE utf8_unicode_ci NOT NULL,
  PRIMARY KEY (`id`)
) ENGINE=InnoDB  DEFAULT CHARSET=utf8 COLLATE=utf8_unicode_ci;

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