And you can watch it right here.

It's missing characters like Beorn, and entire sections of the story like the trolls, but you can still catch the gist. Well, sort of. If you speak Russian.

The project was unlicensed by Tolkien's estate, and its full name in English was "The Fairytale Journey of Mr. Bilbo Baggins, The Hobbit".

The Hobbit (1985 television film) [Tolkien Gateway, via Laughing Squid]