Pashinyan Announces Nationalization Of Energy Company Owned By Pro-Kremlin Oligarch

• 26.06.2025, 16:49

"Electric Networks of Armenia" is owned by Samvel Karapetyan.

The Civil Contract Party (CCP) has prepared a draft law on the transfer of the Electric Networks of Armenia company, which belongs to the pro-Russian billionaire Samvel Karapetyan sent to a detention center, under the control of the state. This is reported by News.am with reference to Prime Minister Nikol Pashinyan.

According to him, members of the GD faction in Armenia's National Assembly discussed the draft law on nationalization of the company, which serves more than 1 million consumers, with members of the government. "This process will not be a one-step process, but it is obvious that the state should take over the management of Electric Networks of Armenia as soon as possible." The draft law is on the agenda, and the relevant amendments to the legislation will be adopted during the extraordinary session [on July 1]," Pashinyan said during Thursday's cabinet meeting.

The prime minister said the state should "efficiently and quickly" implement the deprivatization procedure and form "an effective model for managing the company." In addition, the Armenian authorities plan to put the block of shares of Power Grids on the stock exchange so that anyone can buy them.

The head of the Tashir group of companies, 59-year-old Karapetyan, and dozens of his supporters were detained in Yerevan on June 18. Armenian law enforcers accused the billionaire (Forbes estimates his fortune at $3.2 billion) of public calls to seize power (part 2 of Article 422 of the Armenian Criminal Code) and arrested him for two months. The arrest came amid a conflict between Pashinyan and the Armenian Apostolic Church. Karapetyan openly supported the clergy, accusing the authorities of attacking the Church and its historical heritage.