The Eastern Mediterranean has become an arena of fierce competition for an access to sea spaces and their resources, including hydrocarbons. Coastal states and a number of non-regional players are deeply involved in this rivalry. Currently the region is witnessing a confrontation between Turkey and a "balancing coalition", which consists of Greece, Cyprus, Israel and Egypt. The article deals with the problem of maritime spaces delimitation in the Aegean Sea and the Eastern Mediterranean. It also studies the policies of the main actors. The primary goal is to make an assessment of the risks and to analyze possible ways to reduce tension by balancing the interests of major players. The analysis shows that Turkey intends to consistently defend its claims on the continental shelf based on the so-called "principle of justice", thus challenging the Greek claims. Ankara managed to prevent the construction of the EastMed gas pipeline, thus hurting the interests of other countries of the region. In turn, Greece appeals to the norms of international maritime law. Itis actively looking now for allies that could help it contain Turkey. There is a potential “anti-Turkey” coalition comprising France, Israel and Egypt. The authors conclude that, despite the extreme complexity of the situation, especially from the legal point of view, tension in the Eastern Mediterranean can be reduced because the countries of the region are reluctant to engage in a military confrontation with Turkey and alternative routes for energy transportation exist. In addition, there are signs that Greece might be open to a reasonable compromise with Turkey.