Legal personality of transnational corporations

The research discusses whether transnational corporations (TNCs) can be recognized as subjects of international and private international law. The traditional theory excludes TNCs from the list of subjects of international law due to its inability to create rules of international law. However, the scientists are of opposing views on this issue in recent times. Having studied the doctrine and treaty rules, for example ICSID Convention and UNCLOS, the author concludes that transnational corporations possess functional legal personality on the international level while in private international law its personality is composed of separate personality of each company which is a part of a transnational corporation. In all other cases, TNCs are supposed to be an actor of international law.