A Stockholm arbitration tribunal has issued a binding order preventing the Armenian government from proceeding with the nationalization of Electric Grids of Armenia, a key electricity distribution company owned by jailed Russian-Armenian billionaire Samvel Karapetyan.
Karapetyan, who was arrested in June on charges of inciting the seizure of power, had publicly expressed support for the Armenian Apostolic Church amid its growing tensions with Prime Minister Nikol Pashinyan’s administration. His detention was swiftly followed by Pashinyan’s declaration that it was “time to nationalize” the energy company. Legislation facilitating state confiscation of the firm was subsequently passed by the Armenian parliament.
In response, the Karapetyan family filed a case with the Arbitration Institute of the Stockholm Chamber of Commerce (SCC), invoking a 1995 bilateral investment treaty between Armenia and Cyprus. The SCC, which specializes in commercial and investor-state disputes, ruled on Tuesday that the Armenian government must halt all legal and administrative steps aimed at seizing the company. The tribunal emphasized that continued efforts to nationalize the firm could hinder the plaintiffs' ability to recover full compensation should they ultimately prevail. The interim ruling is binding on the Armenian state.
Political Crackdown and Rising Tensions
Karapetyan's arrest is part of a broader clampdown targeting opposition figures and clergy in Armenia. Among those detained are Archbishop Bagrat Galstanyan and Bishop Mikael Ajapakhyan, head of the Shirak Diocese of the Armenian Apostolic Church. Earlier this month, opposition lawmaker Artur Sarkisyan was also arrested on allegations of plotting a violent coup.
The detentions come in the wake of mass demonstrations led by the Church and its supporters, protesting Prime Minister Pashinyan’s decision to hand over several border villages to Azerbaijan. While Pashinyan defends the move as a step toward normalizing relations with Baku, critics accuse him of compromising Armenia’s national sovereignty.
Moscow’s Watchful Eye
The developments have drawn attention in Moscow, particularly due to Karapetyan’s Russian citizenship. Kremlin spokesperson Dmitry Peskov remarked that while the situation remains an internal matter for Armenia, Russia continues to closely monitor events. “We want Armenia to remain a prosperous and stable country that is friendly to Russia,” Peskov stated.
The case has now entered a crucial phase, with international legal and diplomatic ramifications that could redefine the balance between state sovereignty, investor protections, and political freedoms in Armenia.
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