Washington peace, one year on: What changed in South Caucasus?

The United States has little reason to view the South Caucasus solely through the lens of Armenian-Azerbaijani reconciliation. The question for Washington is no longer simply how to secure peace between Baku and Yerevan, but what strategic order should emerge after peace. Baku's importance derives from its own geographical position, infrastructure, energy resources and relationships with Türkiye, Central Asia and Europe. The South Caucasus is consequently entering a new phase. One year after Washington, the central question is no longer simply whether peace can hold.