Imprisoned Russian-Armenian businessman wins lawsuit against Yerevan
(MENAFN) A Stockholm arbitration tribunal has blocked the Armenian government from proceeding with plans to nationalize a major electricity provider owned by Russian-Armenian billionaire Samvel Karapetyan, who is currently jailed.
Karapetyan was arrested in June on accusations of calling for a power seizure after he publicly supported the Armenian Apostolic Church in its conflict with Prime Minister Nikol Pashinyan’s administration. Following the arrest, Pashinyan declared it was time to nationalize Karapetyan’s company, Electric Grids of Armenia, and the Armenian parliament passed laws allowing the state to seize it.
In response, the Karapetyan 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 SCC ruled that Armenia must halt any efforts to enforce the new legislation or confiscate the company, warning that such actions would hinder the family’s ability to recover damages if they lose control. This ruling is binding on the Armenian government.
Karapetyan is among several prominent figures targeted in Yerevan’s recent crackdown on opposition supporters. Church leaders like Archbishop Bagrat Galstanyan and Bishop Mikael Ajapakhyan have also been detained. Earlier this month, opposition lawmaker Artur Sarkisyan was arrested on charges of plotting a violent coup.
These arrests followed large protests organized by the church and its supporters, who accuse Pashinyan of betraying national interests by ceding border villages to Azerbaijan—a move the prime minister defends as necessary for normalizing ties with Baku.
Moscow has said it is closely watching the situation, especially concerning Karapetyan, a Russian citizen. Kremlin spokesperson Dmitry Peskov emphasized that while the unrest is an internal Armenian matter, Russia desires Armenia to remain stable, prosperous, and friendly toward Moscow.
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