This looks like a very nice re-finish to me, but I would need to see a closeup photo of the serial numbers on the underside of the barrel to be sure. The small retaining pin in the top of the toggle should be “in the white” and I would expect to see blueing damage where it was “X” marked by Russia. Other than that it looks really nice! I would be happy to own it!
Please try to get a photo of the underside of the barrel and see if you can spot any “halos” around the serial numbers stamped there. Again, if it is refinished they did a hell of a good job! I would much rather own this one than any normal dip blued Russian capture example.
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