Can Uzbekistan nationalise or seize a foreign-owned business?

The law separates the two things people mean by seizure and treats them differently. Nationalisation is prohibited: investments and other assets of investors are not subject to it, without qualification. Requisition — expropriation — is permitted only in extraordinary circumstances such as natural disasters, accidents, epidemics and epizootics, is decided by the Cabinet of Ministers, must be limited to the minimum quantity of assets the emergency requires, must be non-discriminatory, and must be compensated adequately to the loss caused, with the state guaranteeing timely payment. (Investment Law, Art. 21 — lex.uz ↗)

It is also a decision the investor can fight rather than merely receive. The law lists what may be contested in court or arbitration: the lawfulness of the purpose relied on, the extent of the requisition, the valuation of what was taken, whether the compensation matches, and the procedure the authorities followed. Insurance against political risk — expropriation, currency transfer restrictions, official interference in contracts, war and civil unrest — is available separately, from any lawful insurer or an international agency. (Investment Law, Arts. 21, 50 — lex.uz ↗)