Back in the USSR, around 1925-1935 or so, the Soviet government wanted gold. It was needed to modernize the country from an agrarian to an industrial society. To this end, such things as gold watches were confiscated. Gold cases were removed and the movements placed in steel or brass cases most often of Russian manufacture. Given the popularity of wristwatches, many pocket watch movements were placed in wristwatch cases. Most often these have swinging lugs.

This is one of the few I have noticed with a key winding movement.

I like the clever butterfly key hole cover.

Swiss bar movement.

Fashionable!

A place for the key:

Wow ingenius. First one I have seen. Thanks Greg