In the post-Soviet era, the Nagorno Karabagh conflict has been a major source of tension in the South Caucasus. Since the fall of the Soviet Union, Russia, the United States, and France have all been involved in the mediation process between Nagorno Karabagh, Armenia, and Azerbaijan over the resolution of the conflict. Russia, given its historical ties, economic interests, political clout, and military relations with Armenia and Azerbaijan, appears to be the most influential and vital moderator in this conflict. This dates back to the outbreak of violence in early 1990s. Russia has tried to help the participants in the Nagorno Karabagh conflict to maintain the status quo, and has provided a framework of dialogue for Armenia and Azerbaijan. Russia has been the main supplier of arms to both sides, which calls into question Russia's motive and goals in its role as a mediator, and its role is subject of much controversy in the Nagorno Karabagh conflict. This paper argues that Russia's role as a mediator is primarily focused on maintaining the status quo, and ensuring the equilibrium of military capabilities between Armenia and Azerbaijan, in order to discourage any military escalations between the two states. We assert that despite the fact that this strategy has been successful for Russia in maintaining the status quo, a different approach, which moves beyond military balancing, is required in order to reach a long-term solution for the conflict between Armenia and Azerbaijan in Nagorno Karabagh.