133 AZERBAIJAN-RUSSIA RELATIONS AFTER THE FIVE-DAY WAR: FRIENDSHIP, ENMITY, OR PRAGMATISM? Anar Valiyev * Azerbaijan-Russia relations have experienced many ups and downs through- out the modern history of both countries, from closing of the borders and ac- cusing each other of supporting separatism to cordial statement of strategic importance. Both countries, however, have been cautious not to cross the point of no return. Russia remains one of the most important economic and political partners of Azerbaijan. Nevertheless, some issues, such as Russia’s continued support of Armenia and procrastination in the resolution of Kara- bakh conflict have prevented the two countries from becoming strategic part- ners. Today, Azerbaijan tries to find a fine balance between its own interests and the satisfaction of Russian ones, taking into consideration the results of the Russia-Georgian conflict. * Anar Valiyev is an Assistant Professor at Azerbaijan Diplomatic Academy (ADA), in Baku, Azerbaijan.