Caspian Sea, Legal Aspects and Economic Perspectives

Abstract

After the collapse of the Soviet Union and the creation of new independent states, the relevance of different regions of the world has changed. Despite the fact that the Caspian Sea region, with its strategic importance and large energy resources, was a place where the interests of various powers intersected for a long time, after the collapse of the Soviet Union, it acquired special importance. New countries were established in the region, and a new balance of power emerged. New players have surfaced, both regional and global. Often, the interests of the involved powers are not aligned with each other. The search for new routes for transporting energy resources has become urgent. It should be noted that the region represents an alternative source of energy resources for the European Union; therefore, it has a strategic significance for Europe. The importance of the region has increased amidst the ongoing conflict in Ukraine. In order to transport the region’s energy resources, it is crucial to seek and create new export routes. This issue is especially important for Central Asian countries, particularly Turkmenistan and Kazakhstan. The construction of trans-Caspian pipelines is one of the most optimal options for the transportation of energy resources to the European markets for the mentioned countries. With the Trans-Caspian pipeline, Central Asian countries will be able to have direct access to European markets, which in turn will reduce the influence of China and Russia on the region. The question of the construction of trans-Caspian pipelines is directly related to the determination of the legal status of the Caspian Sea, which has not been resolved for decades. The paper aims to study the impact of the legal status of the Caspian Sea on the region’s geopolitical situation and balance of power.