The report mentions that the collapse of the USSR gave birth to six armed conflicts, the majority of which still remain unsettled. 

"The South Caucasus is the only region in the post-Soviet area where some of the states do not have diplomatic relations. There are no diplomatic relations between Azerbaijan and Armenia, Georgia and Russia, Armenia and Turkey,” says the report.

Azerbaijan is mentioned as the most stable country among the three South Caucasian countries in terms of stability in domestic and foreign policy, economic power and the ability to resist extremism. Azerbaijan comes first thanks to its monolithic political system and strong economy.

Armenia is noted as the country with the highest risk among the Caucasian countries. These risks include political and economic isolation, the unsettled Nagorno-Karabakh conflict, growing social protest, chronic problems in the national economy, and potential risks from maneuvers between Russia and the West.

According to the report, security of the South Caucasus region is also affected by military activity along the Armenia-Azerbaijan border, growing Euro-Atlantic attempts in Georgia, the ISIL threat, and inevitable devaluation. 

The report has been prepared by President of Minchenko Consulting Communication Group Yevgeni Minchenko, the holding’s associate Kiril Petrov and Sergei Markedonov who specializes in Caucasian studies.