For many years, the Caspian Sea was absent from the international stage and out of the reach of superpower competition. However, with the disintegration of the Soviet Union this sea has unexpectedly became another hot spot in the Caucasus and Central Asia. It is impossible to predict what the legal status or the regime of the Caspian Sea will ultimately be. Currently, the tendency for bilateral agreements has been forced by the necessity of regional economical development. It was out of the question for all sides to wait for a global agreement for all Caspian Sea countries. Partial regulations created by previously ruling countries regarding the legal status of this basin cannot hinder future agreements on this issue between countries. Bearing in mind the specific character of the Caspian Sea, all parties should be allowed significant freedom in regulating the new status of this basin. There is disagreement regarding the future legal status of the Caspian Sea among representatives of international public law.