CAIRO, July 19. /TASS/. The Palestinian leadership, based in the West Bank city of Ramallah, said the decision of the UN International Court of Justice to designate Israel's settlement policy as a violation of international law is historic.

"The historic decision of the UN International Court of Justice is a victory for justice, it confirms the illegality of the Israeli occupation, the need for an immediate end to settlement activities and compensation for the material and emotional damage done to the Palestinians," the Palestinian leadership said in a statement that was reported by the WAFA news agency.

The Palestinian leadership called on the international community to oblige Israel to "end its colonial project completely, immediately, without restrictions or conditions."

The Palestinian leadership said the decision of The Hague-based court "revives the hope of the Palestinian people for the future, for achieving their undeniable right to self-determination and the establishment of their own independent state."

Earlier on Friday, the International Court of Justice President Nawaf Salam said, as he read out the court’s advisory opinion on the occupation of the Palestinian territories, that Israel should cease its presence in the occupied Palestinian territories and all new settlement activity as soon as possible.