This is a Molnija pocket watch commemorating the Soviet victory in the Great Patriotic War (World War II).  Manufactured by the Chelyabinsk Watch Factory "Molnija" in the USSR.  Features a mechanical (hand-wound) movement, often the caliber 3602.  The cover is engraved with the Order of the Patriotic War.  The Cyrillic text translates to "Great Patriotic War 1941-1945".