Rank of investment riskxml:namespace prefix = o />

1995/1996*

1996/1997*

1997/1998

1998/1999

1999/2000

2000/2001

1

xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Tatarstan Republic

Moscow

Saint-Petersburg

Moscow

Moscow

Novgorod region

2

Nizhny Novgorod region

Belgorod region

Moscow

Saint-Petersburg

Novgorod region

Moscow

3

Astrakhan region

Saint-Petersburg

Belgorod region

Tatarstan Republic

Kaliningrad region

Belgorod region

4

Moscow

Tatarstan Republic

Tatarstan Republic

Belgorod region

Belgorod region

Kaliningrad region

5

Moscow region

Nizhny Novgorod region

Novgorod region

Kaliningrad region

Tatarstan Republic

Saint-Petersburg

6

Vladimir region

Kabardin-Balkar Republic

Saratov region

Moscow region

Krasnodarsky kray

Vologda region

7

Kaliningrad region

Kaliningrad region

Yaroslavl region

Novgorod region

Saratov region

Krasnodarsky kray

8

Belgorod region

Bashkortostan Republic

Tver region

Nizhny Novgorod region

Bashkortostan Republic

Yaroslavl region

9

Kabardin-Balkar Republic

Krasnodarsky kray

Lipetsk region

Tver region

Nenetsky autonomous okrug

Tatarstan Republic

10

Novgorod region

Astrakhan region

Samara region

Yaroslavl region

Moscow region

Orel region

*Without taking into account financial and legislative risk.