Abstract: This paper will show the establishment of economic relations between Yugoslavia and the Soviet Union and the countries that immediately after the Second World War entered the immediate Soviet sphere of influence. During the first post-war years, while the whole Europe was in the process of economic reconstruction, Yugoslavia endeavoured to restore bilateral trade agreements with its pre-war partners. As a part of the overall economic relations with the world, the ideological affinity with the USSR and the countries of "people's democracy" determined the path of Yugoslav post-war economic cooperation. Large trade reorientation towards the east, coupled with the daily economic difficulties, dictated the specific form of foreign exchange that took place through the clearing.

Key words: Yugoslavia, USSR, "people's democracy" states, trade relations, clearing.