Russian exiles in Paris plot to collect ten million pounds from the Bank of England by grooming a destitute, suicidal girl to pose as heir to the Russian throne. While Bounin is coaching her, he comes to believe that she is really Anastasia. In the end, the Empress must decide her claim.

In 1920, an unknown 24-year-old woman was fished out of Berlin's Landwehr kanal after a suicide attempt. Since she has no papers and no answers to any questions, they soon assign them to the insane asylum Dallendorf. A co-patient believes she recognizes the Czar's daughter Anastasia Romanowa - who apparently was the only one who survived the murder of the tsar's family in 1918.