Note: There is controversy as to whether this camera is an early fake or an authentic camera assembled from FED parts by the Arsenal Zavod just after WWII.
There are rumors and stories that this camera was made at the famous Arsenal factory in Kiev from original FED parts (maybe parts from Berdsk). The time was just after the end of World War II, 1946-1948. This was supposedly to fill the need for cameras for the military at a time when the FED and KMZ factories were not yet in production or made as presentations to Arsenal workers.There are two series - one with hammer & sickle logo and one without. Although this is a plausable, intriguing, and attractive story, the theory has not been proven by documentation and it may also be that the "FED-Arsenal" cameras are early modern fakes.
The quality of the engraving on the rangefinder housing is poor and looks like the camera was engraved (after polishing off the original chrome and factory engravings) and then thinly chrome-plated, rather than the traditional factory technique of a heavy chrome plating that was then engraved into.
Authentic or fake, it is an interesting and historical camera with an interesting story and an authentic rare lens of the period, as well as a hard to find camera.