Billionaire’s arrest in Armenia marks new phase of tensions, says Deutsche Welle

Political and economic tensions are escalating in Armenia between Prime Minister Nikol Pashinyan and Russian-based Armenian billionaire Samvel Karapetyan, who has been remanded in custody on charges related to calls for power usurpation, Deutsche Welle writes.

The publication notes that Karapetyan’s defense team says the case is fabricated. The businessman, who had supported the Armenian Apostolic Church at the peak of its conflict with the authorities, stated that he would not compromise his principles.

Meanwhile, the Armenian government has announced its intention to nationalize the Electric Networks of Armenia, the country’s largest electricity distribution operator, which is owned by Karapetyan.

Deutsche Welle recalls that during a TV broadcast, Karapetyan accused the authorities of mounting a crackdown on the Church and warned that if politicians fail to resolve the situation, “we will intervene in our own way.”

Karapetyan has received public support from several members of Russia’s State Duma and pro-Kremlin media figures, including Margarita Simonyan and Vladimir Solovyov. Russia’s Ministry of Foreign Affairs also stated that it is closely monitoring the situation.

In response, Armenian officials have announced plans to prepare legislative and technical measures to counter the influence of Russian state media in the country.

The outlet highlights that amid growing pressure, Armenian economists are warning of potential risks. They caution that a move toward the de facto nationalization of a private strategic asset, like the Electric Networks of Armenia, could harm the country’s investment appeal.

According to economists, such actions contradict the fundamental principle of the inviolability of private property.