It's 1928, ten years after Czar Nicholas II and his family had been murdered during the Russian Revolution. There was a rumor that the Czar's youngest daughter Anastasia had survived and if she is alive then there is a large fortune waiting for her. However General Bounine wants his hands on that fortune so he tries to convince Anastasia's grandmother that he has found her lost granddaughter by teaching a woman he found on the streets to be like Anastasia. Little does Bounine know that this woman he teaches to be Anastasia could possibly be the real Anastasia.
And so there is no confusion about this film, it's only pure fiction.