Abstract

Russia's Federal Law No 320-FZ of 14 July 2022, entitled "On Amending the Federal Law 'On the Privatisation of State and Municipal Property' and Certain Legislative Acts of the Russian Federation, and on Establishing Specific Features Governing Property Relations" ("Law No 320-FZ"), establishes a mechanism for the compulsory conversion of the Russian branches of certain foreign companies into domestic legal entities. This article assesses whether the measures under Law No 320-FZ should be deemed expropriation or state's permissible regulatory measure under the police powers doctrine. A doctrinal framework is used to analyse arbitral jurisprudence from the International Centre for the Settlement of Investment Disputes and other tribunals, public international law principles and Russian constitutional law. Russian domestic law perspectives, including constitutional property guarantees and recent court practice are also analysed to understand the law's implementation and internal justification. Although the absence of compensation and due process can be invoked by investors, the law itself does not compel substantial deprivation. Accordingly, this article classifies Law No 320-FZ as a regulatory measure within the police-powers doctrine and not expropriation.