THE PROTECTION OF ECONOMIC INTERESTS OF THE STATE AND INDIVIDUALS IN THE INTERNATIONAL COURT OF JUSTICE

• Main Author: V. Kononenko
• Format: Article
• Language: English
• Published: LLC "CPC "Business Perspectives" 2013-03-01
• Series: Економіка розвитку
• Subjects: case; an international agreement; the UN Court; diplomatic protection; economic interests
• Online Access: http://www.ed.ksue.edu.ua/ER/knt/ee131_65/e131kon.pdf

The problem of protecting the economic interests of the state and individuals in the International Court of Justice is considered. Since the faithful of implementation treaties by States on economic issues directly affect the state of the economy, it is necessary to use international mechanisms to protect the interests of the state, including the judiciary. The purpose of the study is to clarify the legal nature of the decisions of international courts, analyzing the possibility of protecting the economic interests of the state and individuals by the International Court of Justice, the study of the Court's decisions on the appropriate category of cases. To study the decisions of international courts the methods of formal legal and systems analysis were used. It was found that the grounds for the appeal to the Court of Justice for the protection of economic interests of the state are the existence of an appropriate international agreement, the parties of which have agreed such a possibility. When a State admits foreign investments or citizens to its territory, it undertakes to provide them legal protection. It is concluded that such obligations are not absolute: to sue for a breach of these obligations, the state must prove its right to do so. State may make a complaint when it comes to investments of its citizens abroad, such as investments that are part of national economic resources of this state, suffer harm as a result of violation of the right of the state to provide its citizens with a certain legal regime. Damage to the interests of shareholders, inflicted through the restrictions of the company rights, is not a sufficient basis for a claim adjudication. If there is an issue about the illegal actions against the company, representing foreign capital, in accordance with the generally recognized rules of international law, the right of diplomatic protection to claims for compensation for the harm belongs only to the State where the company is registered. In practice, the results of this paper can be used by specialists for more effective protection of economic interests of the state and individuals in the international juridical instances.