The "Soviet Panama" thing just doesn't work. If there had been a Russian deal back in 1890 or so, it would either have been the Imperial,Eussian Government, or some Russian company - there is no possibility that the Americans would have allowed ownership to pass to the new Soviet Government many years later.

On the other hand, if Russia had never sold Alaska to the States, it's interesting to speculate on how things would have worked out. I suspect that there'd a Tsar today in Anchorage, perhaps with some kind of confederal link with Canada.