The Russian Federation codified its foreign immunity law in 2015. The Federal Law on Immunities of Foreign States and their Properties as well as chapters in both the Civil and Commercial Procedural Codes on procedural aspects of immunity issues changed substantively the immunity regime of foreign States in the Russian Federation. These novelties were adopted within a very short period during escalation of the Ukrainian crisis and during attempts to enforce the decision of the Yukos investment arbitration tribunal against the assets of the Russian Federation and its State-owned companies. This caused broad media discussion on potential nationalization of foreign (State) property in Russia. This paper analyses both Russian legislation and court practice in immunity issues with references to the United Nations Convention on Jurisdictional Immunities of States and their Property (2004) and to the immunity regimes of the UK, the USA, France and China.