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Yes, there is a Manych Depression (Manychskaya Vpadina in Russian). It is
located in southern Russia, a bit north of the Caucasus Mountains.
 
The depression runs in a northwest-southeast direction roughly parallel to
the mountains. A Lake Manych (46 degrees 15 minutes North, 42 degrees 45
minutes East) approximately midway between the Caspian Sea and Sea of Azov is
about mid-point. It is not a deep depression, so it does not show on many
maps. A Russian geography text by Theodore Shabad mentions that the soviets
actually began trying to dig a canal between the two seas, only to have the
project interrupted by World War II.
 
Dean Westmeyer
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