Caspian Sea
The Caspian has characteristics common to both seas and lakes. It is often listed as the world's largest lake, although it is not a freshwater lake. It contains about 3.5 times more water, by volume, than all five of North America's Great Lakes combined. The Caspian was once part of the Tethys Ocean, but became landlocked about 5.5 million years ago due to plate tectonics. The Volga River (about 80% of the inflow) and the Ural River discharge into the Caspian Sea, but it has no natural outflow other than by evaporation. Thus the Caspian ecosystem is a closed basin, with its own sea level history that is independent of the eustatic level of the world's oceans.
Europe
Since around 1850, Europe is most commonly considered to be separated from Asia by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas and the waterways of the Turkish Straits. Although the term "continent" implies physical geography, the land border is somewhat arbitrary and has been redefined several times since its first conception in classical antiquity. The division of Eurasia into two continents reflects East-West cultural, linguistic and ethnic differences which vary on a spectrum rather than with a sharp dividing line. The geographic border also does not follow political boundaries, with Turkey, Russia and Kazakhstan being transcontinental countries. A strict application of the Caucasus Mountains boundary also places two comparatively small countries, Azerbaijan and Georgia, in both continents.