Stockholm Tribunal suspends nationalization of 'Electric Networks of Armenia'

The International Arbitration of the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) has ordered the Armenian government to immediately halt all actions aimed at forcibly expropriating "Electric Networks of Armenia" (ENA), which is owned by the Tashir Group of billionaire and philanthropist Samvel Karapetyan. The decision was made under an emergency procedure within the framework of the 1995 Armenia–Cyprus agreement on the mutual protection of investments.

Tribunal’s ruling
The Armenian Cabinet is prohibited from applying provisions of the newly adopted laws “On Energy” and “On the Public Services Regulatory Authority” to ENA and from taking further steps toward its expropriation.

• The tribunal expressed doubt that Yerevan’s actions comply with international obligations and emphasized the risk of “irreparable harm” to the company’s owners.

Conflict timeline

• 18 June: Prime Minister Nikol Pashinyan publicly promised to “quickly” nationalize ENA just hours after Karapetyan was arrested for criticizing the government and the Armenian Apostolic Church.
• 30 June: Tashir announced plans to file an international arbitration claim, accusing the government of violating the investment agreement.
• 2 July: Parliament, dominated by the “Civil Contract” party, passed a law allowing the state to temporarily take control of ENA and force the sale of the asset within three months.
• 16 July: The regulator approved Pashinyan ally Romanos Petrosyan as the company’s “temporary manager”; he later dismissed acting CEO David Ghazinyan.

Reactions

• Tashir / Karapetyan Family: ENA Board Chairman Narek Karapetyan called the SCC’s ruling proof that “justice exists and is not handed down through Facebook.”
• Government: The Prime Minister’s office stated that Petrosyan’s appointment “falls outside the scope” of the SCC ruling and will not be reversed. It added that all decisions must be implemented “in accordance with the laws of the Republic of Armenia and international treaties on the recognition of arbitral awards.”

What’s next

The emergency arbitration ruling is a temporary measure. The main proceedings on the merits of the claim will continue at the SCC. In the meantime, Yerevan may try to challenge or delay enforcement of the verdict through national courts—a move lawyers say could complicate Armenia’s investment climate.

Samvel Karapetyan, whose fortune Forbes estimates at $4 billion, remains under arrest on charges of inciting overthrow of the government, tax evasion, and money laundering—all of which he denies.

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