What happened
Both governments announce that negotiations on the text of a bilateral peace agreement have concluded — the first agreed draft in three decades of conflict. Signature is not scheduled: Baku conditions it on changes to Armenia's constitution and the formal dissolution of the OSCE Minsk Group structures.
A genuine threshold and a deliberately incomplete one: the text exists, the preconditions keep it unsigned, and the leverage of the stronger party continues to operate between initialling and signature. The gap between "agreed" and "in force" is where the region's risk now lives.
Confidence: High
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