This article sheds light on the changing character of the Transcaucasian
geopolitical economy based on the question of how the multipolarization of world
politics has shaped the course of regional conflicts and the balance of forces
in the region. In this framework, the article proposes transcending static
labels such as Georgia / Azerbaijan as a “Western post,” Iran and Azerbaijan as
“arch enemies,” and Armenia as a “traditional Russian ally” by reference to
recent developments such as the peaceful rise of China in the region, Putin's
Eurasianist geostrategic leanings, and the reorientation of Turkey's foreign
policy since 2016. Georgian and Armenian color revolution dynamics are likely to
be suppressed thanks to the recent foreign policy shift of Turkey as a strategic
ally of Georgia, Georgia's inclusion in the Belt and Road Initiative (BRI), and
the Russo-Turkish rapprochement. Amidst deteriorating relations with the US and
North Atlantic Treaty Organization (NATO) in the 2010s, moreover, Azerbaijan's
foreign policy gives increasingly greater weight to relations with Russia, which
can be further deepened under the influence of Turkey's foreign policy. A
similar situation goes for Azerbaijan's involvement in the Non-Aligned Movement
and BRI, as well as Iranian acknowledgment of Azerbaijan's territorial integrity
despite unresolved tensions in bilateral relations.