I'd say it's a souvenir from somewhere in the Ore Mountains (Erzgebirge, in German). It has the pick and hammer, symbolizing mining, that appears on coats of arms in that area. (The Ore Mountains being literally that.) It has nutcrackers (not Cossacks) and a man carving wooden toys, both famous crafts in the Ore Mountains. I can't tell what the woman is doing, perhaps sitting at a loom of some sort...? There's an angel, perhaps representing the many Christkindl Markt traditions that originated in the region. There's a tree, of course, for the forests, in the lower left-hand corner. I can't tell what the thing in the lower right hand corner is.
