Soviet foreign policy in Latin America continues to be a “lacuna” of historiography. This article examines the foreign policy of the USSR in relation to Latin America in 1920s and 1930s based on discussion in the Politburo of the RCP (b) — VKP (b). The documentary basis for the study are protocols of the Politburo meetings, available to researchers in the Russian State Archive of Socio-Political History (RGASPI). The authors analyze the decisions taken by the highest leadership of the Bolshevik Party in relation to Latin America, showing mechanisms for the implementation of these decisions. For the first time in historiography is demonstrated the role of the Political Bureau in the formation of the Latin American vector foreign policy of the USSR. The consequences of the Civil War and the isolation of the Soviet Union forced the country’s leadership to seek new trade and political partners. The authors conclude that while the Politburo was seeking to resolve specific economic problems it did not have a plan for the development of relations with Latin America. The article shows that the first economic partners of the USSR in Latin America were Argentina, Uruguay, Mexico, Chile and Brazil. An important role in the formation of the Soviet Union’s relations with Latin American countries was played by business associations, “Yuzhamtorg” in particular, through which Soviet Goverment developed trade transactions with the governments of Latin American countries.