diff --git a/python/src/com/jetbrains/python/codeInsight/completion/PyStringFormatCompletionContributor.java b/python/src/com/jetbrains/python/codeInsight/completion/PyStringFormatCompletionContributor.java
index 718c1ef2e28c..ecb9e1d5070e 100644
--- a/python/src/com/jetbrains/python/codeInsight/completion/PyStringFormatCompletionContributor.java
+++ b/python/src/com/jetbrains/python/codeInsight/completion/PyStringFormatCompletionContributor.java
@@ -197,13 +197,13 @@ public class PyStringFormatCompletionContributor extends CompletionContributor {
     @NotNull
     private static List<LookupElement> getFormatLookupBuilders(@NotNull final PyStringLiteralExpression expression) {
       final Map<String, PyStringFormatParser.SubstitutionChunk> chunks = PyStringFormatParser.getKeywordSubstitutions(
-        PyStringFormatParser.filterSubstitutions(PyStringFormatParser.parseNewStyleFormat(expression.getStringValue())));
+        PyStringFormatParser.filterSubstitutions(PyStringFormatParser.parseNewStyleFormat(expression.getText())));
       return getLookupBuilders(chunks);
     }
 
     private static List<LookupElement> getPercentLookupBuilders(@NotNull final PyStringLiteralExpression expression) {
       final Map<String, PyStringFormatParser.SubstitutionChunk> chunks = PyStringFormatParser.getKeywordSubstitutions(
-        PyStringFormatParser.filterSubstitutions(PyStringFormatParser.parsePercentFormat(expression.getStringValue())));
+        PyStringFormatParser.filterSubstitutions(PyStringFormatParser.parsePercentFormat(expression.getText())));
       return getLookupBuilders(chunks);
     }
 
diff --git a/python/src/com/jetbrains/python/inspections/PyStringFormatInspection.java b/python/src/com/jetbrains/python/inspections/PyStringFormatInspection.java
index 4977c1495d19..6c77a59edcdf 100644
--- a/python/src/com/jetbrains/python/inspections/PyStringFormatInspection.java
+++ b/python/src/com/jetbrains/python/inspections/PyStringFormatInspection.java
@@ -346,7 +346,7 @@ public class PyStringFormatInspection extends PyInspection {
       }
 
       private void inspectPercentFormat(@NotNull final PyStringLiteralExpression formatExpression) {
-        final String value = formatExpression.getStringValue();
+        final String value = formatExpression.getText();
         final List<PyStringFormatParser.SubstitutionChunk> chunks = filterSubstitutions(parsePercentFormat(value));
 
         myExpectedArguments = chunks.size();
@@ -482,7 +482,7 @@ public class PyStringFormatInspection extends PyInspection {
       }
 
       public void inspect() {
-        final String value = myFormatExpression.getStringValue();
+        final String value = myFormatExpression.getText();
         final List<PyStringFormatParser.SubstitutionChunk> chunks = filterSubstitutions(PyStringFormatParser.parseNewStyleFormat(value));
 
         for (int i = 0; i < chunks.size(); i++) {
diff --git a/python/testData/inspections/PyStringFormatInspection/EscapedString.py b/python/testData/inspections/PyStringFormatInspection/EscapedString.py
new file mode 100644
index 000000000000..9f60b4be6e83
--- /dev/null
+++ b/python/testData/inspections/PyStringFormatInspection/EscapedString.py
@@ -0,0 +1,2 @@
+u"{key}".format(key=1)
+<warning descr="Key 'k' has no corresponding argument">u"{k}"</warning>.format(key=1)
\ No newline at end of file
diff --git a/python/testSrc/com/jetbrains/python/inspections/PyStringFormatInspectionTest.java b/python/testSrc/com/jetbrains/python/inspections/PyStringFormatInspectionTest.java
index 59b36c21b42f..210b87c816d9 100644
--- a/python/testSrc/com/jetbrains/python/inspections/PyStringFormatInspectionTest.java
+++ b/python/testSrc/com/jetbrains/python/inspections/PyStringFormatInspectionTest.java
@@ -193,6 +193,10 @@ public class PyStringFormatInspectionTest extends PyTestCase {
     doTest();
   }
 
+  public void testEscapedString() {
+    doTest();
+  }
+
   //PY-21166
   public void testUnsupportedFormatSpecifierNewStyleFormatting() {
     doTest();