Russia’s war in Ukraine has reshaped the geopolitical and economic landscape in the South Caucasus. Although the conflict has created new vulnerabilities for Armenia, Azerbaijan, and Georgia, these countries have also experienced economic benefits, particularly through increased trade with Russia.

2014 has seen violent flare ups in Nagorny Karabakh, as Azerbaijani and Armenian forces have engaged in skirmishes across the ceasefire line. The international negotiations process has come under renewed pressure.