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The Caspian Sea is a great ecologic, economic and political but also a legal phenomenon worldwide. Its future evolution poses a challenge not only to its five bordering states—Azerbaijan, Iran, Kazakhstan, Russia, and Turkmenistan— but also to the international community interested in its long term sustainable development. This ambitious intention may be met only by way of interstate cooperation in all dimensions of the development of the Caspian Sea, political, economic, ecological, but also of legal character. More than 20 years after the collapse of the Soviet Union and occurrence of the new geopolitical situation in the region, the balance between the development of mineral resources and environmental protection was not achieved in sufficient way. Ongoing affords of the riparian states and international community may, however, offer a reason to believe that the long-awaited consensus on the sustainable development of the Caspian Sea can still be found.