This is two episodes of a very cheap TV series spin-off from Highlander (ignoring Highlander I!) stuck together and pretending to be a film. Christopher Lambert guest-stars in the first half, introducing his similarly immortal clansman Asrian Paul, a pony-tailed sword-swinging antiques dealer with a funny-accented girlfriend and a teenage sidekick.
The series obviously has very limited plot options, since both episodes feature immortal old enemies turning up in Paul's life and challenging him to single combat which ends up with a baddie having his head chopped off in the name of world peace. The second episode guest stars Vanity as a swordsmistress bystander. Not quite as heroically awful as Highlander II, but sorely missing Russell Mulcahy's rock 'n' roll visuals, large-scale action and Sean Connery.