Troubled Waters presents a comprehensive analysis of the political and economic dynamics of the Caspian basin. It examines the diverse issues and players in what has become a modern variant of the “Great Game” of the 19th century. Following a historical overview of the region and its oil industries, the book analyzes the domestic politics and the foreign policies of the five states bordering the Caspian – Russia, Iran, Azerbaijan, Kazakhstan, and Turkmenistan. It identifies all the external interests involved in the Caspian’s political rivalries and control over its resources and territory, including the US, the European powers, various nationalist movements, Islamic militants, national corporations and international corporations.