Russian Foreign Minister Sergei Lavrov has said the five Caspian states have agreed on "all the outstanding key issues" regarding the legal status of the Caspian Sea.
Lavrov made the announcement in Moscow on December 5 after meeting with his counterparts from Azerbaijan, Iran, Kazakhstan, and Turkmenistan.
Its legal regime has been under discussion since 1991, when Azerbaijan, Kazakhstan, and Turkmenistan gained independence following the collapse of the Soviet Union,
If the Caspian is legally declared a sea, all five littoral countries would map out their territorial waters and exploit the resources as they see fit.
If it is designated as a lake, all the resources of the Caspian, and profits from those resources, would be split equally among the five countries.
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