Samvel Karapetyan Wins International Arbitration Against Armenian Government Over ENA Takeover
Samvel Karapetyan has won an international legal case against the Government of Armenia regarding its attempted takeover of the Electric Networks of Armenia (ENA). The Karapetyan family prevailed in an emergency arbitration proceeding brought before the Arbitration Institute of the Stockholm Chamber of Commerce (SCC), under the terms of the 1995 bilateral investment treaty between Armenia and Cyprus. A representative of the Armenian government participated in the proceedings.
On July 22, 2025, the SCC-appointed emergency arbitrator ordered the Republic of Armenia to suspend the enforcement of recently adopted provisions in the country’s “Law on Energy” and “Law on the Public Services Regulatory Commission” as they pertain to ENA. The ruling also prohibits any further attempts by the state to take over the company.
The arbitrator concluded that the Armenian government’s actions raised “serious doubts” about their compliance with the bilateral treaty and emphasized that “without urgent interim measures, it would be difficult for the claimants to receive full compensation if they lose control of the company — or worse, cease to be its owners.” The emergency ruling is binding and must be enforced by the Armenian government.
Narek Karapetyan, Vice President of the Tashir Group of Companies, detailed the court’s prohibitions against the Government of Armenia, which include:
• Seizing or selling ENA’s assets
• Changing the composition of its management
• Revoking its operating licenses
• Restricting its normal business operations in any way
“This ruling shows that justice works in the world—and it is not administered via Facebook, as it is today in Armenia,” Narek Karapetyan wrote.
