In addition to the risk of the Ukraine War spreading to Georgian territory, the planned Russian naval base in Abkhazia could threaten Georgia's status as a global east-west connectivity hub.
Amidst strained relations between Armenia and Russia, Russia's state atomic energy company will modernize Armenia's nuclear power plant and presumably build a new unit.
Whether the Armenian diamond-cutting industry is hurt or helped by the likely sanctions will depend on the EU's ability to trace the gems' origin to Russia.
Azerbaijan's state oil company, SOCAR, will receive a $1.5 billion loan from Russia's Lukoil as part of a deal to supply crude oil to SOCAR's oil refinery in Turkey.