Imprisoned Russian-Armenian businessman secures lawsuit against Yerevan
(MENAFN) A Stockholm arbitration tribunal has halted the Armenian government’s attempt to nationalize a major electricity company owned by Samvel Karapetyan, a jailed Russian-Armenian billionaire. Karapetyan was arrested in June on accusations of inciting power seizures after he openly supported the Armenian Apostolic Church in its dispute with Prime Minister Nikol Pashinyan’s administration.
Following Karapetyan’s detention, Pashinyan called for the nationalization of Karapetyan’s company, Electric Grids of Armenia. The Armenian parliament subsequently passed legislation authorizing the state to confiscate the firm.
In response, Karapetyan’s family filed a lawsuit at the Arbitration Institute of the Stockholm Chamber of Commerce (SCC), citing a 1995 bilateral investment treaty between Armenia and Cyprus. On Tuesday, the tribunal ruled that Armenia must not proceed with enforcing the new laws or taking actions to seize the company, warning that such moves would hinder the family’s ability to recover damages if they lose control of the business. This ruling is binding on the Armenian government.
Karapetyan is among several prominent figures targeted in Yerevan’s recent crackdown on opposition figures. Other detained individuals include Archbishop Bagrat Galstanyan and Bishop Mikael Ajapakhyan from the Armenian Apostolic Church, as well as opposition lawmaker Artur Sarkisyan, who was arrested on coup conspiracy charges. These arrests followed mass protests accusing Pashinyan of compromising Armenia’s national interests by ceding border villages to Azerbaijan—a step the prime minister defends as necessary for normalizing relations with Baku.
Russia has been closely observing the situation, especially regarding Karapetyan, a Russian citizen. Kremlin spokesperson Dmitry Peskov stated that while the unrest is an internal Armenian matter, Moscow hopes Armenia remains stable, prosperous, and friendly toward Russia.
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