A complex normalisation process is underway in the South Caucasus. Despite the numerous violations of the 2020 ceasefire, Armenia and Azerbaijan may be closer than ever to a peace agreement this time with unprecedented support from the US and, especially, the EU. In parallel, Armenia and Turkey are also trying to normalise their troubled relationship. How did Russia’s invasion of Ukraine affect these processes? What challenges can undermine peace in the South Caucasus, and what dynamics can, in turn, facilitate it?