Abstract. The Caspian region has entered a new stage of its development. The geopolitical rivalry over the choice of routes for the export of hydrocarbon resources to foreign markets, as well as the fierce negotiation process in light of the preparation of the Convention on the international legal status of the Caspian Sea have overshadowed the issues of economic cooperation between the countries of the region. Implementation of transport projects, expansion of shipping, and growth of mutual trade turnover became priority issues in the policies of the Caspian littoral states and countries that are not members of the Caspian Five. These processes give Russia new opportunities to strengthen its position in the Caspian Sea and at the same time require it to take new approaches to realization of its national interests.