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.
The Armenian banking sector is booming thanks to the influx of Russian capital due to the war in Ukraine. But only a paltry amount is entering the Armenian economy.
Dependent on outside aid and braced for renewed clashes with Azerbaijan, there are fears Karabakh Armenians might soon be forced out of the breakaway region for good.