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The text reads АРХАНГЕЛЬСК ПАМЯТНИК ПЕТРУ I.
which translates as "Archangelsk – Monument to Peter I."
(kudos for translation refinement to @Neith)
A similar medal is on ebay as:
(click images for larger versions)
Commemorative Soviet medal “Arkhangelsk 1584 ”/ Peter the Great
Note that the city of Archangelsk was founded in 1584 under a different name but owes a lot of its importance to Peter.
The same iconic picture fo Peter is used here:
and it's based on this statue in the city at Severnoy Dviny Embankment | Voskresenskaya St., Arkhangelsk, Russia
The text again leads us to the Russian Wikipedia page of Памятник Петру I (Архангельск)
Dating it
On an unreferenceable hunch I thought that the style would point to Soviet times. This pre-1991 date seems to be more probable if we look at the backside. As @Rompey draw attention in comments
on the back face of the badge is its price--10 copecks. You could buy ten boxes of matches for it or take two bus-rides in the Soviet Union.
As the price for this badge is listed in the metal, that is at the time of manufacturing not likely to change anytime soon, and that being a somewhat widespread practice in socialist countries, it seems ever more likely that another comment presents a more focussed date:
Most likely, this was manufactured in 1984, on the 400th anniversary of Archangelsk. Similar badges were made on other similar anniversaries.
@vpekar
(Better dating still possible. If you know something, write something ;)