| Armenia | 69 |
| Azerbaijan | 78 |
| Georgia | 76 |
| Turkey | 54 |
| Russia | 57 |
| Sweden | 5 |
| UK | 16 |
Sources: euromoney.com, cba.am
* Rank out of 100 countries, measured by six categories: political risk (30%), economic performance (30%) and structural assessment (10%), dept indicators (10%), credit ratings (10%) and access to bank finance/ capital markets (10%).
Country risk assessment* – 2011