Вот, что пока мне удалось расшифровать:

Where the Volga floating to the sea
Back in days of Russian slavery
Standing there to the ?laughy? ?underland?
Had to part they were feeling all so bad
Time and time again they said good-bye
With an aching heart she had him tie.

“Oh, Petrushka, Oh, Petrushka
Here’s the boatman calling me
Oh, Petrushka, Oh, Petrushka
Night is falling over the sea
Time is flying while we’re tying
Oh, Petrushka, it must be
Come and kiss me
Tell me that you miss me
While we pull our boat down to the sea
Petrushka, be true.”

The Volga boat has gone
A thousand-place ?regond?
On every face a look obtain
On every heart an eye and chain
From far away she is
There ?…? kiss
That Volga boatman come
That Volga boatman come…

Припев.