||In 1921, Nagorno-Karabakh was transferred from Armenia to Azerbaijan by the Soviet authorities to keep ongoing tensions between the two neighbors, ensuring lasting Russian presence in the region as a peace-keeper. In 1988, Nagorno-Karabakh, an autonomous region of Azerbaijan with 94% Armenian population, demanded to be reunited with Armenia. Fighting broke out in 1990. By the time a cease fire was signed in 1994 there were already more than 25,000 casualties and over a million refugees in Armenia and Azerbaijan. Since then all attempts at signing a peace agreement have failed. The following thesis will analyze the mediation attempts in the Nagorno-Karabakh conflict by third parties through the theories of neorealism and neoliberalism.