Friday, 23 January 2026
Stockholm Arbitration Tribunal completely rejects all claims in Karapetyans’ mediation in ENA case, finding that their requested security measures are unfounded
On December 24, 2025, the Stockholm Arbitration Tribunal completely rejected the motion filed by Liormand Holdings Limited, Samvel Karapetyan, Eteri Karapetyan, Sargis Karapetyan and Karen Karapetyan (hereinafter referred to as the “Claimants”).
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.
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.
Armenia welcomes this decision, which was made by the Arbitral Tribunal, which has the authority to resolve the dispute, and not by an “emergency arbitrator”.
The Republic of Armenia reaffirms its commitment to participate in the arbitration proceedings with high professionalism and full respect for the process, while consistently defending its positions and interests, as well as continuing constructive cooperation with the Claimant and the Arbitral Tribunal.
