ArmInfo. The Stockholm Arbitration Tribunal has completely dismissed the claims filed by the Karapetyan family in the Electric Networks of Armenia case, the Armenian government's press service reported.
"On December 24, 2025, the Stockholm Arbitration Tribunal completely dismissed the motion filed by Liormand Holdings Limited, Samvel Karapetyan, Eteri Karapetyan, Sargis Karapetyan, and Karen Karapetyan," the statement reads.
The motion, among other things, requested the Arbitration Tribunal to confirm the Republic of Armenia's failure to comply with the Emergency Arbitrator's Award No. EA 2025/121 of July 22, 2025, to reinstate the license of Electric Networks of Armenia CJSC (ENA) and the powers of its governing bodies, and to terminate the powers of the appointed interim manager. Furthermore, the Arbitral Tribunal was also asked to prohibit the forced sale, alienation, or any other disposition of ENA shares or other assets.
It is noted that the Arbitral Tribunal rejected all of the above-mentioned claims in their entirety, concluding that the interim measures requested by the claimants were unfounded. The Tribunal also ruled that all costs associated with the application will be borne entirely by the claimant.
This decision preserves the integrity and comprehensiveness of the arbitration proceedings, ensuring that any subsequent decision will be made based on all relevant evidence and in accordance with the Arbitral Tribunal's assessment of its jurisdiction and applicable law.
Armenia welcomes this decision, made by the Arbitral Tribunal, which has the authority to resolve the dispute on the merits, rather than by an emergency arbitrator. The Republic of Armenia reaffirms its commitment to participating in the arbitration proceedings at the highest professional level and with full respect for the process, consistently defending its positions and interests, and continuing constructive cooperation with the Claimant and the Arbitral Tribunal, the Armenian Cabinet stated.
As a reminder, on July 22, the Arbitration Tribunal of the Stockholm Chamber of Commerce ordered the Armenian government to refrain from implementing the amendments adopted by parliament to the laws "On Energy" and "On the Public Utilities Regulatory Authority," as well as from any further steps aimed at seizing ENA assets. The Tribunal concluded that urgent protective measures are necessary, as the Republic of Armenia's actions "raise serious doubts about compliance with the Agreement on Mutual Protection of Investments between Armenia and Cyprus."
On July 29, 2025, Liormand Holdings Limited, Samvel Karapetyan, Eteri Karapetyan, Sargis Karapetyan, and Karen Karapetyan again requested the Emergency Arbitrator appointed under the Arbitration Rules of the Arbitration Institute of the Stockholm Chamber of Commerce to supplement the Emergency Arbitrator's award of July 22, 2025, with the following content: 1. to declare that the Republic of Armenia has a legal obligation to comply with the said arbitration award, 2. to oblige Armenia to restore the status quo that existed at the time of filing of the Claimants' first application (July 16, 2025), 3. to oblige Armenia to inform the Emergency Arbitrator and the Claimants of all steps to enforce the arbitration award (including restoration of the status quo), and to confirm the execution of the interim measures within the time limit(s) set by the Emergency Arbitrator.
By its decision of August 3, 2025, the arbitrator dismissed the Claimants' claim in its entirety due to the filing of new claims compared to the original claim, as well as the fact that its jurisdiction and authority did not extend to the requested interim measures.
On August 11, 2025, Samvel Karapetyan and his family formally initiated international arbitration proceedings against the Republic of Armenia to hold the Republic of Armenia liable for the expropriation of ESA CJSC.
To represent Armenia's interests in the arbitration case Liormand Holdings Limited et al. v. RA, conducted by the Arbitration Institute of the Stockholm Chamber of Commerce (SCC), the government initially hired the American law firm Arnold & Porter, then replaced it with Foley Hoag LLP (also an American firm).
It was noted that the choice was due to the fact that, in the current situation, it agreed to provide services at the same price as Arnold & Porter. (Arnold & Porter had previously requested $3,250,000 for representing the Republic of Armenia in this case, which does not include applicable taxes established by RA legislation, expert fees, arbitration costs, translation and printing expenses, as well as other expenses (travel and accommodation costs, etc.).
As a reminder, in 2015, the Russian company Inter RAO UES decided to sell its electricity assets in Armenia, including ESA. The buyer was Liormand Holdings Limited, which acquired a 30% stake in Electric Grids of Armenia, while the remaining 70% was acquired by Tashir Capital.
