This article looks at the role of the Caspian region in international relations and evaluates diverse theoretical explanations for understanding the main developments, determines which theories provide a relatively clear outlook and the main reasons for the developments. The hypothesis put forth is that the formation of the Caspian region has engendered certain positive changes in regional and international relations while simultaneously a new round of rivalry and competition on the Eurasian continent. While on the one hand the area offers major economic prospects for regional and international cooperation, on the other there is potential for conflict and turmoil.
