Not really bad, but feels very amateur. Low-budget.
There's a lot to blame the movie for. Screenplay, CGI, make up and costumes, some cringey dialogues, actors overacting here and there... But the biggest problem overall is that it looks more like a cheap TV-film, not a cinema-level thing.
On the other hand, there are good points, too. You can't really believe into Kings and Peasants here, but actors truly make you believe their characters' feelings now and again. The writing maybe not too coherent, but some story arcs are just wonderful! They may have severely shortened the original story making it a third of what there were, they may have also changed a lot in characters' development, but in the end they still delivered a nice magical fairy-tale based upon the classics of Russian children's literature.
I can't really recommend this as a movie, I'm afraid. Definitely not the best of Russian cinema! It can't even surpass the cartoon of 1975, by far. Still, if you have a spare evening, you may give it a try.