Abstract The article deals with the perception and portrayal of Fascism by a group of extraparty Mensheviks, led by Semën Portugeis, that coalesced around the journal Zaria. Focusing on this publication, the article traces the evolution of their views on this phenomenon, from Mussolini’s seizure of power in Italy to its transformation into a pan-European threat, and how these positions were shaped by their own political struggles in the diaspora. It also shows that, even though the study of Fascism (and fascism) was not central to the zaristy, some of their views in regard to it outlived the journal. In particular, it is postulated that it was their attempts to place fascism in tandem with the Bolshevik regime that laid the foundation for the later development of the theory of totalitarianism as an analytical framework.