
CASPIAN-Uncharted Waters
The Caspian Sea is the largest enclosed body of water on Earth by area, variously described as the world's largest lake or a sea.Over 130 rivers provide inflow to the Caspian, with the Volga River being the largest. The Caspian Sea is becoming one of major economic world asset loaded with immense gas and oil resources, which are only beginning to be fully realized.
Legal status of the Caspian Sea remains a key problem since collapse of Soviet Union in 1991 .Negotiations related to the demarcation of the Caspian Sea have been going on among the states bordering the Caspian - Iran , Russia and three independent countries which emerged after Soviet Union fell apart -Azerbaijan ,Kazakhstan and Turkmenistan.
Differences over how the dividing lines should be drawn have left the issue of legal status unresolved. At present, the Caspian’s legal status is defined by the Agreement between the Soviet Russia and Iran from 1921, and the Agreement on Trade and Navigation between the USSR and Iran from 1940.
There are three major issues regulated by the Caspian Sea status: access to mineral resources ,access for fishing and access to international waters (through Russia's Volga river ).Regulations are different depending if a body of water is labeled as Sea or Lake.