CASPIAN SEA DEAL

CASPIAN SEA DEAL was concluded in the Kazakh city of Aktaun recently. Leaders of the five states bordering the resource-rich Caspian Sea signed a landmark deal on its legal status.

  • Countries involved: Azerbaijan, Iran, Kazakhstan, Russia and Turkmenistan.
  • Features of the Deal:
    • It is an agreement on the status of the inland sea, which has been disputed since the collapse of the Soviet Union.
    • It will ease regional tensions and potentially facilitating lucrative oil and gas projects.
    • The deal goes some way to settling a long-lasting dispute on whether the Caspian is a sea or a lake. While the convention refers to the Caspian as a sea, provisions in the agreement give it “a special legal status”,
    • The convention keeps most of the sea in shared use but divides up the seabed and underground resources.
    • Iran, who ended up with the smallest share of the sea, is viewed as a potential loser in the deal. But the convention seen as vital to break Iran’s sense of economic isolation after US sanctions. Russia consider these sanctions as “economic warfare”

Image result for caspian sea deal