ABSTRACT
Ever since the liberalization of the Soviet Union, however, private US interests had been awakened as regards the oil of the Caspian Sea since roughly 1990-91. Shortly before the break-up of the union, several oil multinationals established offices in the riparian republics of the Caspian Sea; private investment started growing rapidly and by 1995, the oil interests had begun to make a difference in Washington: Washington by 1995 had ‘conclusively rejected Russia’s claims for an energy monopoly.2 Still then, however, initial US reactions to the Russian invasion of Chechnya made it clear that the US then respected, although not accepted, the Russian notion of the entire Caucasus and Central Asia being a ‘Russian sphere of influence’. US policy has nevertheless changed considerably since then, pointing to an increasing engagement of the region. This policy can be roughly divided into three periods: first, a lack of clear policy and a Russia-
centred approach from December 1991 until 1994; secondly, the cautious formulation of a policy, prompted by oil and defence interests, but still respecting Russia’s hegemonic policies in the region, from 1994 until 1996; and finally, since 1996-97, an increased realization of US interests and a strategic engagement of the entire region.
