In view of the principle that compensation for breach of an international obligation requires that the claimant be placed in a financial position identical with that in which he would have been had restitution been made1, loss of expected profits constitutes part of the compensation required2. In cases of repudiation of state contracts, a distinction has often been drawn between actual losses and expenses (damnum emergens) and loss of profits (lucrum cessans)3. Both have been allowed4, provided, in the case of loss of profits, that
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