In the conditions of the Russian-Ukrainian conflict, the international interest in the North–South project has grown even more. As a result of the Western sanctions, Russia, India, Iran, and other countries have been deprived of the traditional directions of transport communication and have to look for new ways. The countries of the South Caucasus are taking active steps to get the maximum benefit from the North–South project. The research aims to present the projects of the participation of Armenia and the Islamic Republic of Iran in the North–South Corridor (NSC) in the South Caucasus and evaluate the realism of these projects and the existing problems. The NSC was envisioned as an alternative program to create new transport routes for the development of trade between the southern and northern, eastern and western parts of Eurasia. enabling shippers to reduce cargo transportation costs and time. Certainly, the activation of regional trade will contribute to the socio-economic development of the countries.