This is a rare FED-Zorki of 1948. This camera originated the Zorki line, and its engraving shows the transition from the FED, made in Kharkov to the Zorki, made at KMZ near Moscow. You can see the old KMZ logo on the camera and on the lens.
Only 5500 FED-Zorkis were made, and they have always been highly sought collectibles.
(Source www.fedka.com)