A new power balance is emerging in the South Caucasus – especially visible after the Second Karabakh War – whereby Turkey and Russia are simultaneously competing and cooperating in the region. Turkey is Azerbaijan’s staunchest ally and has assisted it militarily in its war effort. Russia, on the other hand, spearheads the Collective Security Treaty Organization (CSTO), in which Armenia is a member. However, Moscow has been ambiguous about its support for Yerevan in the conflict with Baku, refusing to back Yerevan militarily in the Second Karabakh War in 2020 and the subsequent Azerbaijani offensives in 2021-2023. With the exodus of Karabakh Armenians in September after Baku’s complete takeover of the territory, Russia’s peacekeeping force stationed in the region has been rendered meaningless. But will Russian forces leave the region? Will Turkey normalize its relations with Armenia now that Azerbaijan has all of Nagorno-Karabakh under its control? What kind of involvement might Russia have in the establishment of a route through Armenia to Nakhichevan? What interest does Turkey have in transport connections in the region? In this episode, we discuss these and other motivations for the continued involvement of Turkey and Russia in the South Caucasus.