The movie was made for television in 1991, some ten years before Peter Jackson’s trilogy premiered. It’s based on The Fellowship of the Ring, and it’s believed to be the only adaptation of Tolkien’s Lord of the Rings in the Soviet Union. It aired only once on television on Leningrad Television, and then it vanished, never to be heard of again.
Leningrad Television’s successor 5TV found the film and uploaded it on YouTube (Part1, Part2).