This article focuses on current Turkish-Russian relations which have been propelled by intensified energy cooperation. It draws attention to both the Turkish and the Russian foreign policy approaches that have changed significantly in the past decade, increasing both countries’ leverage in regional affairs, including the Caucasus. The process of Turkish-Armenian rapprochement is analyzed, with a view to its potential implications for the prospective regional energy projects in the context of the Turkish-Armenian and Russian-Armenian bilateral relations.