Formulation of the problem. Modern economic conditions are characterized by significant specifics that directly affect the substantive and procedural aspects of the consideration and resolution by courts of private law disputes with a foreign element. At the same time, the key issue facing the court is the problem of establishing the applicable law in the context of using the conflict of laws method of regulating international private law.

Goals and objectives of the study. The article is devoted to determining the content and optimal ways to solve some current problems of applying the norms of private international law, taking into account modern processes occurring in the economic sphere of international relations at the regional and universal levels of interaction between subjects of legal relations.

Methods. To identify the essence and possible ways to solve the problems of applying the norms of private international law in modern economic conditions, a formal legal analysis of the current Russian legislation containing the norms of private international law, state judicial and arbitration practice in specific cases, its generalizations and relevant recommendations made by decisions were used Plenum of the Supreme Court and rulings of the Supreme Arbitration Court of the Russian Federation, as well as the practice of international commercial arbitration.

Results, brief conclusions. The features of the place and role of state (civil and arbitration) proceedings and international commercial arbitration in ensuring private law interests in cases with a foreign element are analyzed, and the features of the consideration and resolution of disputes within the realm of private international law are outlined. The author's conclusions and recommendations are proposed, aimed at formulating a reasoned view of modern trends in the application of private law norms in specific economic conditions.