The arbitration tribunal that was formed to examine the investment dispute on the expropriation of the Electric Networks of Armenia company has confirmed the binding force of the special arbitrator’s award. This is noted in a statement posted on the Facebook page of well-known Russian Armenian businessman and philanthropist Samvel Karapetyan, who owns the Tashir Group of companies which had managed the aforesaid company until recently.

The statement adds as follows: “On 22 July 2025, the special arbitrator appointed by the Stockholm Chamber of Commerce (SCC) on the basis of a petition by Liormand Holding Limited company, Samvel Karapetyan and his family, ordered the Republic of Armenia to refrain from applying the provisions—which were adopted in July 2025—of the Law on Energy and the Law on the Public Services Regulatory Authority to Electric Networks of Armenia CJSC (ENA), as well as to refrain from any further steps aimed at the expropriation of ENA.

The arbitration tribunal established to examine the main dispute between the parties has expressly confirmed that, in accordance with Article 9 of Appendix II to the 2023 Arbitration Rules of the SCC, the award of the special arbitrator is binding on the parties and is subject to immediate execution.

At the same time, the arbitral tribunal rejected Armenia’s arguments that the application of the emergency arbitration procedure to the dispute concerning ENA is not lawful.

The arbitral tribunal also separately emphasized that Armenia did not petition for the annulment or modification of the award. This circumstance further confirms Armenia’s recognition of the binding force of the award.

Despite the obvious violations of the special arbitrator’s award by the Republic of Armenia, including the termination of ENA’s license in November 2025, the arbitral tribunal has decided not to assess these actions at this initial phase.

At the same time, all violations committed by the Republic of Armenia will be considered at a later phase of the arbitral proceedings, within the framework of the discussion of the main dispute, and will be assessed as circumstances aggravating the Republic of Armenia’s violation of the agreement on the protection of foreign investments concluded between Armenia and Cyprus.”