Originally published in Shadow Magazine, 12/32. From the back cover:
The lofty towers of the Kremlin loomed like spectral spires against a darkened sky. Senov – master spider in a web of espionage – was about to ensnare America in the most nefarious deal of all time: behind the guise of a trade detente, he and his treacherous American trusties will swap the Romanoff jewels for help in restoring the ancient Russian monarchy! Only a certain black-clad form, swept like the shroud of night itself across the oceans and mountains of a desperate world, could hope to challenge such global enemies… and from the mysteries of New York’s Cobalt Club to the thrills of a breathtaking submarine voyage the Shadow carves a dark and hidden path for the forces of justice: beware the Shadow as you beware the darkest unknown!