Five countries agree on Caspian Sea status

The Caspian Sea legal status convention was signed on Sunday at a summit in Kazakhstan. The countries also signed various agreements on trade and economic co-operation. The summit takes place at a time when the economies of Russia and Iran are undergoing decline due to US sanctions.

The Caspian Sea lies in Europe and Asia and is surrounded by five countries: Azerbaijan, Iran, Kazakhstan, Russia and Turkmenistan. The sea contains large quantities of oil and natural gas on its bed and on its surrounding coast. Most of the reserves on the sea tray have not been exploited because of disagreements over the sea borders since the collapse of the Soviet Union.

On Sunday, the five countries signed an agreement, which Russian President Vladimir Putin called an age-old development.

“Today was a very important event for all our countries: the Caspian Sea status convention was signed. It is an international agreement with detailed and inclusive regulations and obligations for the use and conservation of our common heritage ) the Caspian Sea”, President Putin said.

Iran's president, Hasan Rouhan, listed some of these rules.

The Caspian Det belongs to Caspian countries. There is no military bases for other countries, navigation of warships, aircraftmen, submarines, flight of fighter aircraft, and even transport for other countries”, President Rouhan announced.

The issue of dividing the oil-rich bed among five countries remains to be negotiated. At the moment, the parties are aimed at peaceful co-operation.

“Convette is a Constitution of the Caspian Sea. It is designed to solve all the rights and obligations problems of coastal countries and will ensure the security, stability and prosperity of the entire region”, President Nazarbayev said.

Meanwhile, the leaders of Caspian countries reached different trade and transport agreements for their economies. Russian and Iranian presidents met separately to discuss bilateral issues, including their role in Syria and the future of Iran's nuclear agreement with world powers, following the withdrawal of the United States.

<x0ran>Irani, Russia and other countries will continue co-operation under the” nuclear agreement, said Mr. Rouhani.

Both Iran and Russia are preparing for the effects of new US sanctions.