Abstract
The Black Sea region is one of the most complex regions in terms of energy development. It hosts several major powers and some developing countries that need to cut energy costs. In general, the region is controversial. It is influenced by external actors, and therefore regional stability is very difficult to achieve. In addition, institutional players such as the EU, the Belt and Road Initiative, the Black Sea Trade and Development Bank, etc., have their own vision of the future of the Black Sea region. The article is aimed at assessing the regional balance of power and estimating the interests of the countries of the region. Based on this assessment, the authors have classified the countries in the region, predicted potential alliances, and provided recommendations on how the countries should behave in the region. The key findings comprise the rejection of the two hypotheses: the countries of the region cooperate mainly through similar institutions; and the countries of the region can efficiently cooperate within the framework of a single strategy. The novelty of the article is in a new look on the regional distribution of power and new strategies for cooperation between countries in the region. Keywords: The Black Sea region, energy sector, strategy, institutions, balance of power JEL Classifications : F59, Q48 DOI: https://doi.org/10.32479/ijeep.11247
Highlights
The wider Black Sea region has always been a region with significant energy and political challenges
The European formation is represented by the EU countries (Romania, Bulgaria) and the European Union as the main institutional player in the region, Moldova and Ukraine
The Asian vector is represented by Azerbaijan and Georgia, and the China Belt and Road Initiative is an institutional player on this side
Summary
The wider Black Sea region has always been a region with significant energy and political challenges. The Black Sea region has great potential as a transport route and logistics hub between Asia and Europe; in addition, it provides opportunities for trade between the Gulf States and Europe, encompassing four different economic, political and cultural formations. East vector is represented by Turkey and Iran, which can be included in the wider Black Sea region (Hamilton and Mangott, 2008; Winrow, 2007). Russia tries to play its own game, but, as a rule, acts in accordance with its economic interests, creating institutions that depend on its policies and financial donations (for example, the Black Sea Trade and Development Bank [BSTDB])
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