The Russian, Armenian and Azerbaijani presidents are to meet to discuss the Nagorny Karabakh issue in Russia’s Black Sea resort of Sochi on January 23, the Kremlin said on Wednesday.

Russian President Dmitry Medvedev will also hold bilateral meetings with his Azeri and Armenian counterparts, Ilham Aliyev and Serzh Sargsyan, the presidential press office said in a statement.

Medvedev said recently the conflict over Nagorno Karabakh, a breakaway region on Azerbaijani territory with a predominantly ethnic Armenian population, can be settled any day if the two conflicting Caucasus states agree to compromise.

“I think this is perhaps the only conflict in the post-Soviet area that could be settled today,” Medvedev said in an interview with the Azerbaijan Television and Radio Broadcasting Company in late December 2011.

The conflict between the two Caucasus states erupted in the late 1980, when Nagorny Karabakh claimed independence from Azerbaijan. The conflict is estimated to have left more than 30,000 people dead on both sides between 1988 and 1994. The region has since remained under Armenian control.

Russia has been mediating peace talks for nearly two decades.