The author analyses conditions for economic substantiation of deprivatization in the Russian Federation. The subject of the research was the situation that has arisen in Russia concerning restitution of property from private to state one without having any legislative base on the federal level. The aim of the research is achieving openness and publicity in the carrying out of deprivatization, as well as adoption of federal legislation in this sphere. Scientific research methodology included theoretical analysis and method of autonomous characteristics studying. Applying theoretical analysis, the dynamics of legal regulation of economic relations between state and companies’ owners was analyzed. Analysis of available literature and statistical information, as well as a number of researches by the author, was carried out. Imperfection of normative base on privatization was pointed at; also, information on the modern approach to state property formation was presented (creation of state associations in several spheres). The statistical date for the recent years concerning qualitative decrease of companies and organizations in the country are presented. Low percentage ratio of companies and organizations in the state property to their total quantity in the Russian Federation is noted. Consistent pattern of reducing foreign investments into Russian industry is shown up. Results of the research confirmed the fact that the aims of privatization in the country are not achieved, further privatization of state property from economic point of view is inappropriate, and the work on legislation in the sphere of deprivatization is currently essential. Legal framework on deprivatization must be free from bureaucracy and based on the transparency of information for property owners and potential investors. Systematization of data on known deprivatization processes, that summarize practical experience in the country, has made it possible to specify the aim of the research and give practical recommendations, given by the author in the conclusion. From the economic side, possibility not to bankrupt insolvent companies in the country on different levels (both regional and municipal) but to hand them over into the collective property as “people’s companies” is explained. The conclusions which the author of the article arrives at can be used when developing federal law “On deprivatization”, as well as conceptions and strategies of the programs in the sphere of companies’ deprivatization in the country, both on regional and municipal levels.