Altar cloth with cyrillic, help with translate

@April07 - You were right with your first impression: it's funerary - a Plaschanitsa (Плащаница) or Epitaphios. The shape threw me off. If a mortcloth, a shroud or a pall, it would have been long and narrow:

https://www.holyarchangelcandles.com/product/funeral-shroud-church-slavonic/

and hence it seemed more suited as an Eileton and Antiminsion combined into a single artefact - a Corporax in the Western tradition.

It struck me this morning that it's nothing of the sort - it's a funerary Plaschanitsa:

https://www.stjohnskete.com/liturgical/sacred-items/miscellaneous/dormition-plaschanitsa-1/


Yes; I do believe that it was part of an Old Believers tradition. The inscription uses the root 'раб' [рабыня] as it appears in early texts: the Book of Jude as an example, or Paul's Letter to the Romans, where, in both cases the writers refer to themselves as, "раб Иисуса Христа," the slave of Christ, rather than the more modern phrase, "последователь Христа."

@fettan4 - As to age, I'd guess it to be it to be near the fin de siècle, and would presume the ring was an attachment point so it could be carried in procession, as is done in the Greek tradition during the Epitaphios Threnos on Holy Saturday.
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Раб божий is a very common expression in Orthodoxy until nowadays, what suggested me the Old Bielievers was the shape of the crosses, but I am not very sure.