The meeting was between the presidents of five Caspian littoral states Russia, Iran, Kazakhstan, Turkmenistan and Azerbaijan to discuss issues surrounding their joint ownership for the coastline and resources of the Caspian Sea.

As part of the negotiations Putin said they produced "concrete wording on the demarcation of waters, seabed and subterranean resources, on the fishing and navigation regimes."

This comes in addition to concrete proposals toward a railroad ring around the sea.

Disputes over the Caspian sea, a body of water which stretches over hundreds of kilometers in Central Asia, have proven unmanageable in the past.

The five nations have a coast on the sea, and a number of proposals to divvy up control of both the Caspian surface and seabed have been floated since negotiations began in 1993. None, however, has been unanimously accepted, despite frequent and ongoing talks.

“We agreed on the principles of interaction,” Putin said after the summit.

According to the Russian President, the parties succeeded in achieving progress in preparing the convention on the Caspian legal status “due to the coordination of key principles of the Caspian littoral states’ activity at sea”.

The heads of state signed a political agreement that for Putin “will become a cornerstone of the convention.”

He added that, “I don’t say that all problems have been settled in full. But their number has become far fewer.”

“The provision saying that the most part of the Caspian Sea water area is used by all parties is very significant. Due to all these facts misunderstanding or any tension in interstate relations are ruled out. Earlier, such problems could emerge due the different interpretation of the Caspian Sea regime,” Putin stated.