Tashir Capital has stated that the Armenian government’s decision to declare an overriding public interest in the shares of Electric Networks of Armenia (ENA) contradicts an arbitration ruling, according to a company statement.
On October 15, the government adopted a decision declaring an overriding public interest in 100% of ENA’s shares.
“This decision by the Armenian government constitutes yet another violation of the ruling issued on July 22, 2025, by an emergency arbitrator appointed by the Arbitration Institute of the Stockholm Chamber of Commerce. Under that ruling, the emergency arbitrator ordered the government to refrain from taking any steps aimed at expropriating ENA. The Armenian government’s obligation to comply with that ruling was also explicitly reaffirmed in December 2025 by the arbitral tribunal constituted to hear the main dispute,” the statement said.
The company also noted that the Armenian government and various state institutions had repeatedly failed to comply with the interim measures prescribed by the arbitration ruling.
“The government’s decision of October 15, 2026, is yet another unlawful act adopted as part of the process of expropriating ENA. Thus, the government is disregarding and directly violating its obligations under international law, arising from the regulations Armenia has undertaken to observe to ensure the protection of foreign investments,” Tashir Capital emphasized.
The statement further said that “such unlawful actions will receive an appropriate international legal assessment, and the Armenian government will be obliged to compensate investors for all losses caused by the state’s violation of its international obligations.”
