DUAL BELARUSIAN-RUSSIAN INVESTOR SERVES NOTICE OF DISPUTE AGAINST THE REPUBLIC OF ARMENIA OVER THE EXPROPRIATION OF ARMENIAN ENTERPRISES
Mr. Nikalai Vinitski, a dual Belarusian-Russian investor, has announced that, on 27 July 2026, he served a Notice of Intent to Submit Claims to Arbitration on the Republic of Armenia, formally notifying the Government of Armenia of an investment dispute arising under three investment protection treaties: the Agreement between the Government of the Republic of Belarus and the Government of the Republic of Armenia on the Promotion and Mutual Protection of Investments of 26 May 2001, the Agreement between the Government of the Russian Federation and the Government of the Republic of Armenia on the Encouragement and Mutual Protection of Investments of 15 September 2001, and the Treaty on the Eurasian Economic Union.
The claim is expected to be one of the first investment treaty disputes to invoke the investment protection provisions of the Treaty on the Eurasian Economic Union against the Republic of Armenia, potentially setting an important precedent for investors across the Eurasian Economic Union.
On 29 July 2026, the Government of Armenia formally acknowledged receipt of the Notice.
The dispute concerns Mr. Vinitski’s investments in, and economic interests associated with, four Armenian enterprises (the “Enterprises”): ARARATCEMENT CJSC, MULTI GROUP CONCERN LLC, MULTI WELLNESS CENTER LLC, and YEREVAN ARARAT BRANDY-WINE-VODKA FACTORY OJSC.
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The case concerns allegations that the Government of Armenia has engaged in a continuing course of conduct that began in the run-up to, and has continued in the aftermath of, the June 2026 parliamentary elections, unlawfully expropriating the investor’s investments, failing to afford them the protection required under international law, and substantially impairing the management, operation and enjoyment of those investments through unreasonable, arbitrary and discriminatory measures adopted for political purposes.
The case further concerns allegations that, over an extended period, law enforcement authorities, the judiciary and municipal authorities have acted in a coordinated manner, under the direction of the highest levels of the executive branch, to effect the takeover of the Enterprises. The main shareholder of the Enterprises, Mr. Gagik Tsarukyan, who is also Mr. Vinitski’s business partner, together with members of the Enterprises’ management, were arrested, while measures taken by the authorities allegedly paralysed the operations of the Enterprises, which rank among Armenia’s largest employers and taxpayers.
The investor has requested that the Government of Armenia refrain from taking any further measures that would expropriate the Enterprises or otherwise impair Mr. Vinitski’s rights and economic interests. He has further requested that the Government of Armenia restore the status quo ante by, among other things, returning the management and control of the Enterprises to their lawful shareholders and management bodies, refraining from implementing the announced nationalisation measures, and permitting the Enterprises to resume their ordinary business operations without governmental or political interference.
The Notice invites the Republic of Armenia to resolve the dispute amicably through negotiations. It also records the investor’s acceptance of Armenia’s standing consent to arbitration under each of the three applicable international instruments.
If the dispute cannot be resolved amicably through negotiations, Mr. Vinitski intends to commence international investment arbitration seeking full compensation for the losses resulting from the Government of Armenia’s breaches of its obligations under the applicable investment treaties and the Treaty on the Eurasian Economic Union.
Mr. Nikalai Vinitski
