Abstract. The second part of the history of the Institute of World Economy and World Politics was associated with the name of Valerian Obolenskii, better known under the literary double N. Osinskii. He was an old Bolshevik, a prominent state and party leader, one of the first Soviet Marxist economists. He joined the Institute at the beginning of 1926, and had been workings there for less than two years. Under his leadership, the Institute of World Economy expanded its staff and worked out the main areas of research. At the same time, the Institute began publishing of the “World Economy and World Politics” journal and completed the preparation of the Yearbook under the same name. Both the journal and the Yearbook soon gained international recognition and became the world’s first rate periodical analytical editions with economic and political specialization. The successful work of the Institute of World Economy was impeded not only by a small number of researchers, but also by the fact that its director worked there part-time. In 1926–1928, N. Osinskii was simultaneously the head of the Central Statistical Office (CSO), a member of the Soviet government – the Council of People’s Commissars of the USSR, which left him little time for full management of the Institute. This article prepared using archival sources examines the activities of the Institute of World Economy and World Politics headed by N. Osinskii (V. Obolenskii) in 1926 – early 1927.