Transactions between various ministries of Armenia and private companies were devoid of transparency. This is stated in the Transparency International Anticorruption Center study on privatization and foreign investments in Armenia, from 1997 to 2020.

The study states that, in particular, this lack of transparency did not enable to get data on the market value of property being privatized or sold in Armenia.

For example, as per this study, the Sevan–Hrazdan Cascade—a complex of hydroelectric power plants on the Hrazdan River and its tributaries between Lake Sevan and Yerevan—was transferred to Russia to repay the $25 million of a $40-million debt, but there is a view that several hundred millions of dollars were required to develop such opportunities.