This is the cover of Satirical Review (Сатирическое Обозрѣніе) No. 1 from 1906, which (according to this article) comes out of a rich history of satirical journalism in the Russian underground press. The article suggests that the image was recently published in a book called Blood and Laughter: Caricatures from the 1905 Revolution. Text visible in this image reads “Цѣна 10к въ Спъ, 1906. Въ пров. 12к. №1/ Сатирическое Обозрѣніе.” There is also an artist’s signature in script visible lower right that I believe reads “леван”. Issue #3 of the same publication has similarly bizarre cover art as seen in this post.
Image provenance by Bacchus at Erosblog.