Iveta Tonoyan, the spokesperson of the “Prosperous Armenia” party president, issued a statement stating that Nikolay Vinitsky, a dual-citizen investor of Belarus and Russia, has provided the RA government with a notice regarding the claims to be submitted to arbitration, claiming that his investment rights and economic interests in Armenia were violated as a result of the actions of the RA authorities.

PRESS RELEASE

An investor with dual citizenship of Belarus and the Russian Federation reports an investment dispute against the Republic of Armenia in connection with the confiscation of Armenian enterprises. 

Mr. Nikolay Vinitsky, a dual-citizen investor of Belarus and Russia, announced that on July 27, 2026, he submitted a notice of investment dispute to the Government of the Republic of Armenia, officially informing about the claims to be submitted to arbitration within the framework of the following three international agreements on investment protection:
• May 26, 2001 Agreement between the Government of the Republic of Belarus and the Government of the Republic of Armenia on investment assistance and mutual protection,
• Agreement between the Government of the Russian Federation and the Government of the Republic of Armenia on the promotion and mutual protection of capital investments of September 15, 2001,
• Treaty on the Eurasian Economic Union.

This lawsuit may become one of the first disputes in which claims will be filed against the Republic of Armenia based on the investment protection provisions of the Eurasian Economic Union Agreement, setting an important precedent for the protection of investments in Eurasian Economic Union member states.

On July 29, 2026, the Government of the Republic of Armenia officially confirmed the receipt of the Notice.

The dispute concerns Mr. Vinitsky’s investments and economic interests in the following four Armenian companies (hereinafter referred to as the “Enterprises”):

● ARARATSEMENT CJSC,
● “MULTI GROUP CONCERN” LLC,
● “MULTI WELLNESS CENTER” LLC,
● “YEREVAN ARARAT BRANDY-WINE-VODKA FACTORY” OJSC.

The case refers to the allegations that the government of the Republic of Armenia, in the period before and after the parliamentary elections held in June 2026, carried out continuous actions, as a result of which it illegally confiscated Mr. Vinitsky’s investments, did not provide them with the protection required by international law, and significantly hindered their management, operation and use by using unreasonable, arbitrary and discriminatory measures adopted for political purposes.

The case also refers to the allegations that, over a long period of time, law enforcement agencies, the judiciary and local self-government bodies, acting in a coordinated manner and on the basis of instructions given by the executive branch, carried out actions aimed at establishing control over the Enterprises. The main shareholder of the Enterprises, Mr. Gagik Tsarukyan, who is also Mr. Vinitsky’s business partner, as well as members of the Enterprises’ management, were arrested, while the measures taken by the authorities paralyzed the Enterprises’ activities. Enterprises are among the largest employers and taxpayers in Armenia.

The investor called on the Government to refrain from any further action that would lead to the confiscation of the Enterprises or otherwise undermine the rights and economic interests of Mr. Vinitsky. He also demanded that the Government restore the previous legal and factual situation, including by returning the management and control of the Enterprises to their legal shareholders and governing bodies, refraining from implementing the announced nationalization measures and enabling the Enterprises to resume their normal economic activities without state or political interference.

With the notification, the Republic of Armenia is offered to settle the dispute through negotiations. At the same time, it records the acceptance by the investor of the agreement given by Mr. Vinitsky to the arbitration of the Republic of Armenia within the framework of the three applicable international agreements.

If the dispute cannot be resolved through negotiations, Mr. Vinitsky intends to initiate international investment arbitration proceedings, seeking full compensation for damages caused to him by the Republic of Armenia’s violation of its obligations under the applicable investment agreements and the Treaty on the Eurasian Economic Union.

Nikolai Vinitsky
July 30, 2026
Minsk, Belarus

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