The article focuses on the early history of post-war Lend-Lease settlement between the U. S. S. R. and the U. S. A. It considers the political aspects of the establishment of the Mutual Aid program for the Soviet Union, the attitude of U. S. President F. D. Roosevelt and his administration, representatives of the U. S. Congress and the American people. The author uncovers the reasons and circumstances of the signing by U. S. President Нarry Truman a note on the termination of Lend-Lease deliveries dated May 12, 1945. The author emphasizes that this note did not reflect Truman’s personal attitude to the U. S. S. R. and was not directed solely against the Soviet Union. In addition, the author insists that the Soviet side was informed and repeatedly warned of the termination of deliveries after the end of hostilities in Europe well in advance. Thus, while acknowledging the imprudence and undiplomatic actions of the American side, one should not nevertheless accuse them of neglecting their duties, which they fulfilled in full. The article also uncovers the negotiations on Lend-Lease settlement in 1946, which have hardly been ever described in Soviet and Russian historiography. The intention to bind Lend-Lease settlement with other important economic problems in Soviet-American relations and, indirectly, to the participation of the U. S. S. R. in a number of important international trade and economic institutions — the IMF, the IBRD, the ITO — expressed by Washington in early 1946 has become an insurmountable obstacle to reaching a consensus between the parties and, as a result, has become one of the origins of the Cold war. However, one can not but acknowledge that an essential part of the blame for the failure of the 1945–1947 talks lies also on the Soviet leadership.