Russian Armenian entrepreneur and philanthropist Samvel Karapetyan has defeated the Armenian government in the international court in the case into the nationalizing of the Electric Networks of Armenia (ENA), Karapetyan’s defense council has announced.

The respective statement reads as follows: “Samvel Karapetyan and his family have won the urgent arbitration case initiated against the Government of the Republic of Armenia [(RA)]. The Karapetyan family initiated the examination of the arbitration case at the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) in accordance with the procedure established by the Agreement on the Promotion and Protection of Investments signed between the Government of the Republic of Armenia and the Government of the Republic of Cyprus on January 18, 1995. A representative of the Government of the Republic of Armenia also participated in the examination of the case.

On July 22, 2025, the urgent arbitration ordered by the Arbitration Institute of the Stockholm Chamber of Commerce has ordered the Republic of Armenia to refrain from applying the provisions of the recently adopted RA Laws ‘On Energy’ and ‘On the Public Services Regulatory Authority’ to the ‘Electric Networks of Armenia’ Closed Joint Stock Company, as well as from further steps to seize the ‘ENA’ Closed Joint Stock Company.’

The arbitration concluded that it was necessary to apply urgent measures of protection, since the actions of the Republic of Armenia ‘raise serious doubts about compliance with the Agreement on the Mutual Protection of Investments between Armenia and Cyprus.’

The arbitration also noted that ‘in the absence of urgent measures of protection, it will be difficult for the claimants to obtain full compensation for damages if they lose control over the company or, worse, cease to be its owner.’

The decision of the urgent arbitration shall be subject to mandatory execution by the Government of the Republic of Armenia."