Is the English translation true to the original intent of the lyrics?
No, the literal translation goes like this...
"By the Long Road"
(We) rode on a three-horses carriage (troika) with sleigh bells,
And in the distance lights flickered.
If only I could follow you now
I would dispel the grief in my soul!
Refrain:
By the long road, in the moony night,
And with that song that flies far away, ringing,
And with that ancient, seven-stringed (meaning guitar),
That used to torment me by nights.
But it turned out our song was futile,
In vain we burned night after night .
If we have finished with the old,
Then those nights have also left us!
Out into our native land by new paths,
We have to go now!
...(WE) rode on a troika with sleigh bells,
But long since passed by!