I asked on a russian IRC channel:
it says "Izhevskij"
it's a famous russian weapon maker
it's a surname
also there is a factory with the same name
or maybe it is "IzherRskij", not "IzheVskij"
edit:
a little later someone else added:
Though the "P" seems to have a tail on the bottom pointing rightward, but I couldn't find that character on the map.
so it cold be B
he said its old and faded
does it make any difference then
and B means V, so its looks more like Izhevskij