Iran – United States Claims Tribunal: analysis of legal aspects of taking of private assets and its contribution to international law

Abstract

It could be argued that the 21st century is the period which is a serious test of the power and capabilities of public international law, especially when it comes to the dispute prevention or dispute settlement once precautionary measures have failed to work. However, conflicts between states have started to emerge a notable time ago, and the necessity, to establish an international dispute settlement mechanism which is competent and has the jurisdiction to hear and rule upon a dispute between two states, has been constantly rising. Even though one can perceive international law as a warrant of peace and order across the globe, the other could argue that international law is not effective enough in resolving conflicts between parties if one of the parties is a great power state.