The Caucasus has seen numerous crises since the region gained independence following the collapse of the Soviet Union. Some of these crises have not been resolved yet as evidenced by recent Russia-Georgia conflict. This paper seeks to analyze such crises within the framework of significant geopolitical changes unfolded by the collapse of the Soviet Union. The main thrust of the paper is that in the post-Soviet era, the Russians lost much of their control over the region due to their own domestic problems, but it seems that Moscow is not interested in withdrawing further from the region. The findings of the paper indicate that under current conditions, it seems that as long as all regional and extra-regional powers fail to consider the interests of other powers or try to pose threats to them, the crises will continue to unfold in the Caucasus, while there is no agreed dispute settlement mechanism in the region either.