When the eight states that now constitute Central Asia and the Caucasus freed themselves from the grip of the Soviet Union in 1991, it was perhaps inevitable that outside powers would rush to fill the vacuum. Of the eight at least three, the Caspian Basin states (Azerbaijan, Turkmenistan, and Kazakhstan) found themselves awash in natural resources. The remaining five (Georgia, Armenia, Uzbekistan, Kyrgyzstan and Tajikistan), though less endowed materially, are strategically situated along crucial energy, trade, and logistics corridors.

The combination of renewed interest and a reopened playing field in the heart of Eurasia resulted in the rise of a new “Great Game,” reminiscent of the great-power contest of the 19th century between the British and...