Stockholm arbitration court reaffirms ENA ruling

The Stockholm arbitration court has reaffirmed a summer ruling restricting the Armenian government from taking action against the Electric Networks of Armenia (ENA), according to a statement posted on businessman and philanthropist Samvel Karapetyan's Facebook page on Friday.

The statement criticized the government for portraying the arbitration outcome as a victory, stating that the tribunal confirmed the government must refrain from any measures against the company. A professional analysis from an international legal team will be released soon.

The Armenian government earlier said the Stockholm Arbitration Tribunal completely rejected the motion filed by Liormand Holdings Limited, Samvel Karapetyan, Eteri Karapetyan, Sargis Karapetyan and Karen Karapetyan on December 24, 2025.

“The petition, among other things, requested the Arbitration Tribunal to confirm the fact of non-compliance by the Republic of Armenia with the Emergency Arbitrator’s award No. EA 2025/121 dated 22.07.2025, to restore the license of Electric Networks of Armenia CJSC (ENA) and the powers of the members of its management bodies, as well as to terminate the powers of the appointed temporary administrator. In addition, the Tribunal was also requested to prohibit the compulsory sale, alienation or any other disposal of ENA’s shares or other assets,” it said in a statement.

“The Arbitral Tribunal dismissed all of the above claims in their entirety, concluding that the measures sought by the Claimants was unfounded. The Arbitral Tribunal also ruled that all costs related to the examination of the mediation shall be borne in full by the Claimant.

“This decision preserves the integrity and comprehensiveness of the arbitration proceedings, ensuring that any subsequent decision will be made on the basis of all relevant evidence and in accordance with the Arbitral Tribunal’s assessment of its jurisdiction and applicable law,” the government added.