ArmInfo. The arbitration panel formed to consider the investment dispute regarding the expropriation of the Electric Networks of Armenia (ENA) company has confirmed the binding force of the emergency arbitrator's decision, as noted in a statement issued by the Defense Council for Samvel Karapetyan, head of the Tashir Group of companies.
The Council recalled that on July 22, 2025, the emergency arbitrator appointed by the Stockholm Chamber of Commerce ordered the Republic of Armenia to refrain from applying legislative amendments to the laws "On Energy" and "On the Public Services Regulatory Body", as well as cease any further steps aimed at the seizure of ENA assets. The Tribunal affirmed that, per the 2023 Arbitration Rules ( Article 9 Appendix II), the emergency arbitrator's decision is mandatory and requires immediate execution. Furthermore, the Tribunal rejected Armenia's arguments challenging the legality of applying emergency arbitration procedures to this specific dispute.
The arbitral tribunal also specifically emphasized that while Armenia has not formally sought to annual or modify the decision thereby implicitly recognizing its validity, it proceeded to terminate ENA's license in November 2025. Despite the Republic of Armenia's clear violations of the Emergency Arbitrator's decision, including the termination of the ESA license in November 2025, the arbitral tribunal decided not to evaluate these actions at this initial stage. The Council emphasized that these actions will be addressed later in the proceedings. They will be assessed as aggravating circumstances regarding Armenia's breach of the Agreement on the Protection of Foreign Investments between Armenia and Cyprus. At the same time, all violations committed by the Republic of Armenia will be addressed later in the arbitration proceedings. They will be assessed as aggravating circumstances regarding Armenia's violation of the Agreement on the Protection of Foreign Investments between Armenia and Cyprus, according to a statement by the Defense Council for Samvel Karapetyan. Meanwhile, in a separate statement issued today, the Republic of Armenia's government press service reported a different perspective on the December 24, 2025, proceedings. According to the Cabine the Tribunal had rejected a petition filed by Liormand Holdings Limited and members of the Karapetyan family. "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 the Electric Networks of Armenia (ENA) CJSC and the powers of its governing bodies, and to terminate the powers of the appointed interim manager. Furthermore, the Arbitration Tribunal was also requested to prohibit the forced sale, alienation, or any other disposition of ENA shares or other assets. The Arbitration Tribunal dismissed 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 consideration of the application will be borne entirely by the plaintiff."
Recall, the Electric Networks of Armenia CJSC has been owned by Samvel Karapetyan's Tashir Group since 2016. Prime Minister Nikol Pashinyan announced his intention to nationalize ENA following Karapetyan's statement expressing public support for the Armenian Apostolic Church and his arrest. The Parliament subsequently adopted amendments to laws providing for the return of Electric Networks to state control. On July 18, the head of the Public Services Regulatory Commission (PSRC) appointed Romanos Petrosyan as interim manager. Petrosyan, beginning on July 24, began making the first personnel changes among the company's senior officials, despite the Stockholm Arbitration Court's ruling not to change the company's governing bodies.
On August 9, Electric Networks of Armenia shareholder and Tashir Capital CEO Narek Karapetyan filed a lawsuit in the Administrative Court of Armenia against PSRC and its chairman, Mesrop Mesropyan, urging that the PSRC's lack of authority to change the company's management be declared invalid. On September 20, Prime Minister Nikol Pashinyan announced the government's plans for the Electric Networks of Armenia CJSC in parliament. He stated that the process would proceed according to several scenarios. Firstly, Electric Networks would be nationalized and transferred to reliable private management, while remaining fully state-owned. Secondly, a controlling stake in the company would be transferred to a reputable international energy manager. "In any case, the Republic of Armenia will retain a stake sufficient to ensure the government's strategic presence in this vital infrastructure," Pashinyan said. The authorities would resort to the second scenario only if it becomes clear that the costs under the first scenario would prove disproportionately high for the state budget.
