The article is devoted geopolitical features of the Caspian region and the factors that determine its importance for Russia. The author analyzes in detail the risks of a change in the situation in the Caspian in the face of geopolitical challenges, including the war and the end of the conflict in Nagorno-Karabakh, changes in Turkey's foreign policy and EU sanctions against Turkey. The article also touches on the issue of a possible change in the cooperation ties of the Caspian states in connection with the consequences of the COVID-19 pandemic for the image of the China in the international arena.