This is a simple and straightforward F-21 disguise, made by installing a button/belt/hat attachment in a small leather purse. The purse appears to be imported, not Soviet-made.
All the innards of the purse were removed; only two zippers were left, to maintain its natural shape. A metal L-shaped bracket on the bottom holds both the trigger control and the camera holder.
The lens window is made inside the hand strap hardware – you can see it closed and opened. This is somewhat similar to the Zenit disguise posted by Bill Parkinson.
Major Romanova would point the purse in the right direction and squeeze the bottom of the purse (the trigger is easy to feel through soft leather). The purse is a very convenient disguise for a female officer – it can be used in various ways – handheld, sitting on a table, lap, etc. Most of the purse is empty, so the KGB femme fatale could even put a gun and a lipstick inside.
The camera can be quickly removed for reloading or shutter speed change.
It hard to tell the exact time this purse was in action, but the design is timeless, could be anywhere from the 1960's to 1990's.