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In present economic conditions the issue of global cash flows on world markets becomes more and more important for global economy, which makes the problem of managing finance risks very topical. Country risk is characterized by a tangle of numerable finance-economic and socio-political variables. The article shows advanced international approaches to estimation of country risk and causes of its arising. The author provides definitions of aleotoric and epistemological risk which improves understanding of risk essence. Political stability is shown as an important element of managing country risk. The author offers recommendations for arranging the efficient management of country risk.