Who really owns the Caspian Sea?

For centuries, the Caspian Sea has been a source of contention among Iran, Russia, Azerbaijan, Kazakhstan, and Turkmenistan. The five nations share the body of water, but they do not treat it as a conventional sea or an international lake. Instead, they have established a unique legal framework governing navigation, territorial waters, fishing, security, and seabed resources. This system was formalized in 2018 through the Convention on the Legal Status of the Caspian Sea.

Under the convention, each country claims territorial waters of up to 15 nautical miles and an additional 10-nautical-mile exclusive fishing zone. However, the sea itself is not divided into five equal shares. The treaty established a special legal regime that distinguishes between the water, seabed, security, and resources without assigning fixed national sectors. Each nation retains control over its territorial waters and fishing zones, while other areas remain open for common use.

The seabed can be divided among the five nations through bilateral agreements. These agreements are crucial because offshore oil and gas rights largely depend on the boundaries determined by such deals. Russia, Kazakhstan, and Azerbaijan have already reached multiple delimitation agreements, but Iran's southern boundaries remain politically sensitive.

In 2018, Iran accused Ukraine of attacking an Iranian commercial vessel in the Caspian, resulting in the death of a sailor. The Ukrainian government denied involvement and claimed the vessel was transporting military cargo linked to Iran and Russia. Iran views these incidents as a strategic concern, arguing that they highlight the importance of keeping outside military forces away from the Caspian.

The Caspian Sea remains a significant source of hydrocarbon resources, with Azerbaijan and Kazakhstan having developed substantial offshore oil reserves, and Turkmenistan possessing major natural gas deposits. Iran also has potential hydrocarbon resources in the Caspian, including the Sardar-e Jangal field, which was discovered in 2012 but has not yet entered commercial production.

However, developing these resources in the deep, challenging waters of the southern Caspian could be costly and face financial and technological hurdles due to international sanctions.

In summary, no single country owns or controls the Caspian Sea. While each nation has territorial waters and exclusive fishing zones, the seabed boundaries and offshore resource rights are negotiated among the five nations. For Iran, the Caspian remains a significant but undeveloped energy resource, with its commercial recovery potential largely unresolved. The broader issues at stake are the management of the sea's resources, the determination of maritime boundaries, and the prevention of external military influence.