The author discusses the foreign policy doctrine pursued by the Kingdom of Serbs, Croats and Slovenes during the twenties, especially with reference to Italy. In the period between 1920-1930 the Kingdom of Serbs, Croats and Slovenes strongly defended the Treaty of Rapallo and tried to prevent Italian expansion on the Balkans. At the same time it granted ever new concessions to Italy, abandoning the Yugoslav national minority to its own fate.