I read this answer to another movie identification question and the description was so similar to a movie I'm looking for that I thought it was the same one, but it's not.
The movie I'm looking for also features an old giant robot with a rocket fist and it also was shown about 25 years ago in the cinema, but I can barely remember the final scene in which the pilot fires his robot's arm and then his robot explodes. For a while, it appeared that he was dead, then the camera revealed that he used a trick and stayed alive in the rocket fist.
UPD 01.
- It is the live action film with old SFX
- I saw it in Russia, but - i believe - it was filmed elsewhere
- It is not "Robot Jox" or "Robot Wars", i checked
- My bad explanation. Protagonist was in robot at the fist launching moment. Fist was connected to a robot before launch. After the launch robot was destroyed (not sure) and the pilot appeared to be alive inside this fist. That i called 'trick'.