The article is devoted to the question of state immunity in international economic relations. It considers the stages of historical development of the doctrine of state immunity from absolute to restrictive approaches. With the acceptance of the restrictive theory, it becomes crucial to draw a precise demarcation line between immune and non-immune state activity. International practice varies on the question of state immunity, and international law offers no uniform theoretical model. The article substantiates the necessity to reach a broad consensus among states, to discuss and draft an international convention for common understanding and a final solution to the question of state immunity.