Yep, CEK = Seconds, I noticed in your post way above that the dial appears to measures minutes, but decided to translate what it says and see what comes out of this

Now that you offered a dictionary take on it I think it might stand for second-meter which is a stopwatch. Who knows...
The word on the right knob is similar to Start (although Russian CTAPT (pronounced START

) is direct equivalent).
As far as how old that thing is I have no idea. I offered a picture of TU-95 and not a newer bomber because I think the watch is relatively old, but then who knows. I am going by the decorations of the hour hand which appears to be very similar to what I saw on the watches made in 60ies. Time stood still for a while in that country, so it's all very inaccurate. I bet the hands glow in the dark too:)
Up until the USSR collapse, there were several watch plants(!) in Moscow. Most of the watches were mechanical, w/ relatively high quality internals, at least 21 ruby jewel mechanism (high quality stuf had 31 jewel and more). They still make them, although perhaps the quantities are not what they used to be:
ebay An example of mechanical watch used in high precision applications outside of the Evil Empire
clickyThe watch I wear for 10 years just for its sentimental value
clicky You can't tell, but it has "made in ussr" down below, the whole deal
while on the subject of funny russian military artifacts:

here's the latest reincarnation of Ural bike, which started in 1939 as a knock-off of a BMW motorcycle. when I was at MSU, there was a guy who owned one: sidecart, centrifugail air filter -- the whole works. fun sh!t