ABSTRACT

The break-up of the Soviet Union in 1991 changed the realities governing the Caspian Sea. The most obvious of these changes is the fact that the number of littoral states increased from two to five, leaving these states with the challenge of agreeing on a new legal regime for the sea. But, after more than a decade, the riparian nations have thus far failed to overcome this challenge. Given the varied and often conflicting interests of the Caspian states, and the fact that outside powers have complicated an already muddled situation by engaging in a new ‘Great Game’, perhaps we should not be surprised that a post-Soviet legal regime for the world’s greatest lake is still pending. The stakes are high, after all. Although original estimates were wildly inflated, the Caspian is nevertheless believed to rank third after the Persian Gulf and Siberia in terms of hydrocarbon reserves. Nevertheless, as time goes by, the Caspian states have been moving towards increased consensus, particularly since the littoral states are well aware of the benefits of agreement.