Abstract: The subject of this research is the legal aspects of the Soviet concession policy of the 1920’s. The research is conducted through examination of the materials from central archives. It is noted that the goal of concession policy was to create the favorable investment climate for attracting foreign capital to the Soviet economy. The author underlines the concession agreement was a special agreement allowing the derogation from the Soviet legislation to the benefit of foreign entrepreneurs. Concession signified that the laws on state monopoly for development of mineral resource, conduct of foreign trade, ban or restrictions to hiring workforce, etc. did not apply to some of the entrepreneurs. The use of comparative-historical and problematic-chronological methods allowed determining the peculiarities of legal regulation of foreign concessions in the 1920’s. The scientific novelty lies in demonstration of strong correlation between the political and economic tasks in the policy of Soviet State pertinent to foreign concessions. This correlation was clearly traced in legal regime of a concessionary company. Property of concessionary enterprise was owned by the state; a concessioner was merely a hirer. The legislation provided the state with the right to control the production activity of the concession, and prematurely terminate the contract at any time. Most of the concession agreements were terminated at the government’s initiative and without compensation. Only those, close to the Soviet elites, received a partial compensation for the losses. Concession existed for as long as the government was interested in it for any reasons of international, foreign economic, or domestic economic character.