That scene was cut, but Lundgren now says it could be revived as part of a Drago spinoff film.
I’m not sure how likely the chances of a Drago spinoff in 2021 are, but you can for sure watch the director’s cut of Rocky IV, Rocky vs. Drago.
The character in question would be Ivan Drago, the brutal Russian boxer who is Rocky Balboa’s opponent in the film.
Even before the Rocky IV director’s cut, Lundgren reprised his role of Drago in 2018’s Creed II, where Drago’s son fought Michael B. Jordan’s Adonis Creed to settle an old family score.