ArmInfo. The Armenian government, in the "Artsrun Hovhannisyan style," is presenting its defeat in Stockholm as a victory. This was stated in a statement by the Defense Council of Samvel Karapetyan. As a reminder, during the 44 days of Artsakh's war against Azerbaijani- Turkish aggression, Armenian Defense Ministry spokesman Artsrun Hovhannisyan has been broadcasting daily operational updates from the front and answering journalists' questions, declaring "we will win."
The Stockholm Arbitration Court upheld the decision made this summer, obliging the Armenian government to refrain from any action against the ENA.
We expect the Armenian government to act lawfully, namely, to unconditionally cease its actions against the ENA. "We will soon provide a professional explanation of the decision in a statement by the international human rights group," the Defense Council for Samvel Karapetyan said in a statement.
The government's press service had earlier released a statement stating that on December 24, 2025, the Stockholm Arbitration Tribunal had completely rejected the petition filed by Liormand Holdings Limited, Samvel Karapetyan, Eteri Karapetyan, Sargis Karapetyan, and Karen Karapetyan.
"The petition, 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 (ENA) CJSC and the powers of its governing bodies, and to terminate the powers of the appointed temporary administrator." Furthermore, the Arbitral Tribunal was also asked to prohibit the forced sale, alienation, or any other disposition of ENA shares or other assets. The Arbitral Tribunal rejected all of the above-mentioned claims in their entirety, concluding that the interim measures requested by the plaintiffs were unfounded. The Tribunal also ruled that all costs associated with the review of the application will be borne entirely by the plaintiff, the Armenian Cabinet of Ministers stated.
As a reminder, on July 22, the Arbitration Tribunal of the Stockholm Chamber of Commerce ordered the Armenian government to refrain from enforcing 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 were required, 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 appealed to the Emergency Arbitrator, requesting that the award of July 22 be supplemented, clarify its binding nature, and restore the status quo-the revocation of the appointment of the temporary state manager at the company. On August 4, 2025, the Emergency Arbitration Court decided not to consider the need to amend the previously issued decision, reiterating that the decision it made on July 22 was already subject to mandatory and immediate execution by the Government of the Republic of Armenia.
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 accountable for the expropriation of ESA CJSC.
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 30% of the shares of Electric Grids of Armenia, while the remaining 70% was acquired by Tashir Capital.
