The Caspian region is endowed with enormous offshore and onshore hydro-carbon resources, but their access to world markets is limited. Following the disintegration of the Soviet Union, the number of claimants to the Caspian Sea has increased from two to five States. Besides Iran and Russia, who shared the Sea through the erstwhile Soviet Union, Kazakhstan, Turkmenistan and Azerbaijan are the three new actors. All transportation routes and energy supply pipelines from this region to outside energy markets are mostly via Russia. Hence the region, in a way, is fettered to Russia. This book outlines these relationships.