Contribution of the International Court of justice to the Development of International Economic Law

The paper is focused on the practice of settlement by the UN International Court of Justice of disputes concerning the international economic law. It exposes criteria of application of diplomatic protection, nationalization with just and real compensation in accordance with the applicable rules of international law. It also specifies such principles of International Law as independence of States in international economic relations; inherence of rights of a State on natural resources within the State’s territory; the national treatment regime and the most favored nation clause applied on non-discriminatory basis