Arrested Russian oligarch’s company loses control of Armenia’s electric networks

Armenia’s state regulatory authority has officially revoked the license of Tashir Capital, the company controlled by arrested Russian oligarch Samvel Karapetyan, to manage Electric Networks of Armenia (ENA). The decision followed a three-day commission session.

The regulator cited multiple violations in the operations of Electric Networks of Armenia during the period preceding the appointment of interim state manager Romanos Petrosyan. Among the infractions were allegations of inflated charges on consumer bills and delays in connecting new subscribers, Caliber.Az reports, citing Armenian media.

The regulator further revealed that ENA had issued credit guarantees to affiliated companies—including Armholding and Tashir Capital—totaling approximately $690 million, without notifying the oversight commission, a move deemed a significant breach of regulatory compliance.

Samvel Karapetyan, the Russian-Armenian billionaire and founder of the Tashir Group, was arrested on June 18, 2025, in Yerevan. He faces charges under Article 422 of Armenia’s Criminal Code for “public calls to seize power,” stemming from a June 2025 statement in which he publicly supported the Armenian Apostolic Church amid its intensifying conflict with Prime Minister Nikol Pashinyan.

In an interview, Karapetyan criticized the government for “political incompetence,” its distancing from Russia, and attacks on the Church, asserting: “If the politicians fail, then we will participate in our own way in all of this.” Authorities interpreted this statement as incitement to overthrow the government.

Karapetyan’s pre-trial detention was extended multiple times, most recently until November 17, 2025. Although an Armenian appeals court deemed his initial arrest unlawful in August 2025, prosecutors refiled charges on new grounds.

Prime Minister Pashinyan subsequently vowed to “swiftly nationalise” Electroseti Armenia (ENA), citing substandard service, intentional outages intended to provoke public discontent, and unpaid “damages” to citizens, though specific amounts were not disclosed.

On July 3, 2025, the Armenian parliament passed expedited amendments to the Energy Law and the Public Services Regulatory Commission Law, granting the state broader powers over private utilities. The amendments allow authorities to intervene in cases of operational or regulatory violations, appoint temporary managers, revoke licenses, and enforce the sale of companies, with the state given first refusal at market value plus 15%.

By Vafa Guliyeva