Russia, Iran, Azerbaijan, Kazakhstan, and Turkmenistan have resolved a disagreement that lasted since the collapse of the Soviet Union. The countries reached a decision on the status of the Caspian Sea, giving it a special status that mixes legal parameters for both sea and lake regulations. The agreement, which Putin declared to be of “epoch-making significance,” will improve navigational access and lay the foundation for oil and gas development projects. 

Source: Russia, Iran and other states agree on Caspian Sea access | Asia| An in-depth look at news from across the continent | DW | 12.08.2018