This article examines the defi nition of political risk using the example of the Eurasian integration of the Republic of Armenia. The authors analyze the typology of the main political risks and their genesis in the current context, highlighting a wide variety of political risk factors and their subject-object relations. These create certain diffi culties, but at the same time open new opportunities for study. According to the authors, analysis of political risk may be in demand when optimizing Eurasian integration strategy via updated concepts of “multi-speed,” “asymmetric” and “flexible” integration.