Armenia

Renewed skirmishes between Armenian and Azerbaijani troops along the border of the breakaway Nagorno-Karabakh region continue to overshadow the region's political risk profile. We continue to highlight the risk of an escalation of tensions, as the number of incidents in which the two countries' ceasefire is violated continues to climb. Most recently, following the death of two Armenian soldiers, who according to Armenia's Defence Ministry were shot by Azerbaijani snipers on two separate occasions in mid-November, has led to a more outspoken stance by Armenia, which has pledged 'tougher' action for any future killings of its soldiers.

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