This article focuses on the regulations of the Convention on the legal status of the Caspian Sea (hereinafter as Caspian Sea Convention), which was adopted in 2018.It regulates the development and access to Caspian fossil fuel resources and protects its environment, which are important factors for the sustainable development of the region. The main finding of this paper is that the Caspian Sea Convention, having established the maritime zones, has, for the first time ever, recognized the territorial sovereignty of the individual riparian states in the Caspian Sea and defined its territorial scope. After presenting to the riparian states' their rights and obligations within the newly defined maritime zones, the paper analyzes the new legal framework for the development and use of the natural resources of the Caspian Sea. It also elaborates on the new legal regime for the transportation of resources by means of vessels and submarine pipelines.