I can confirm the rearsight was intended to be fixed either conventionally over the breech or at the back of the cylinder, with a peep element that appears to be missing in this instance.
There was one at a few Kemptons before it sold around the £200 mark. From memory, it was not quite as nice as this one.
If it were mine, I'd probably start at £295 but be prepared to take a little less.
John
Currently looking for Baikal Makarov pistols with the following prefixes to the serial number: 98, T01,
Prefer boxed or cased but will consider loose examples too.