AbstractWith the dissolution of the Soviet Union, the Caspian Sea and its natural resources became a source of contention for Russia, Iran, Azerbaijan, Kazakhstan, and Turkmenistan. The underlying issue is paradoxical in light of its misleading simplicity – is the Caspian a sea or a lake? Throughout the article, we present proof that this question does matter and the answer should be given in the near future unless the world wishes to witness a cascade of conflicts. Even though the establishment of an international legal regime would place the region within the purview of UNCLOS and the international rule of law, thus ensuring safety and stability, the littoral states have pursued their own economic and political interests, resulting in a p...