Jailed Armenian tycoon Karapetyan signals launch of new political force

By Zhanna Avagyan

Jailed Armenian businessman Samvel Karapetyan has announced plans to form a new political force, marking his most direct challenge yet to Prime Minister Nikol Pashinyan’s government.

In a statement released on Monday, Karapetyan said his team was beginning the process of establishing a political force aimed at uniting the public around “justice and a better future.”

“I deeply respect the political forces and figures who have fought against Nikol Pashinyan’s anti-national regime,” the statement read. “But we have our own vision for building a better Armenia. We will move forward with our own team, without ruling out cooperation with like-minded actors.”

Kicking off what appears to be a bid for political realignment, Karapetyan vowed to reject the “black-and-white” divisions that he said the current authorities have imposed on society to weaken the country. He also extended an olive branch to professionals within state institutions who, he claimed, do not share the values of the ruling elite but have yet to see a viable alternative path.

Karapetyan’s statement comes amid a high-profile legal and political standoff. On June 18, he was arrested on charges of publicly calling for the overthrow of the government—one day after expressing support for the Armenian Apostolic Church and its leader, Catholicos Karekin II, who has come under growing criticism from Prime Minister Pashinyan. Karapetyan’s allies say the arrest was politically motivated and followed his outspoken defense of the Church, which the Prime Minister is widely believed to want removed from its leadership role.

On July 4, Armenia’s Court of Appeals upheld a lower court’s decision to keep the businessman in pre-trial detention for two months.

Karapetyan, one of the most powerful Armenian businessmen in Russia, is the founder of the Russia-based Tashir Group, a conglomerate with extensive holdings in construction, energy, retail, and real estate. Armenian authorities have long viewed Karapetyan as aligned with Russian interests, and members of the ruling party have publicly suggested Moscow may be backing his political activities—though no direct evidence has been presented.

Through an offshore subsidiary registered in Cyprus, Karapetyan controls the Electricity Networks of Armenia (ENA), the country’s sole power distribution company. The government recently passed legislation paving the way for ENA’s nationalization, a move widely seen as a retaliatory measure. His other assets, including the Tashir Pizza restaurant chain in Armenia, have also faced increased scrutiny from tax and law enforcement bodies.

Authorities have searched the Yerevan offices of his companies, citing possible violations related to taxation and money laundering.

Karapetyan’s legal team has indicated he may pursue international arbitration over the ENA case, citing protections under Armenia’s investment treaty with Cyprus.