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Yerevan, October 12 – Mikalai Vinitski, a Belarusian businessman, initiated an investment claim against Armenia on September 4, 2026, at the International Centre for Settlement of Investment Disputes (ICSID). Vinitski asserts that the Armenian authorities have politically targeted his investments, a move he claims violates international agreements.
Details of the Investment Claim
Vinitski, who holds dual Belarusian and Russian citizenship, is a business partner of Gagik Tsarukyan, a prominent businessman and leader of the “Prosperous Armenia” party. The claim cites the 2001 Belarus-Armenia bilateral investment agreement, the EAEU Treaty, and the bilateral investment agreement between Armenia and Russia.
Iveta Tonoyan, a member of the “Prosperous Armenia” party, previously announced on her Facebook page that Vinitski had sent a notice of dispute to the Armenian government, referencing these agreements. Vinitski contends that the Armenian government has failed to uphold its obligations under these treaties.
Vinitski’s Investments in Armenia
Vinitski has made significant investments in companies associated with Gagik Tsarukyan. These include “AraratCement,” “Multi Group Concern,” “Multi Wellness Center,” and “Yerevan Ararat Brandy-Wine-Vodka Factory,” where Tsarukyan holds the majority of shares.
A critical development in this dispute occurred on July 13, 2026, when the Anti-Corruption Court ruled to transfer the management and preservation of “AraratCement” CJSC shares to the Republic of Armenia. This action was taken within the framework of proceedings for the confiscation of property of illicit origin.
Legal Representation and Potential Conflicts of Interest
Vinitski is represented at ICSID by the US-based law firm “Grigoryan Disputes,” founded by Sargis Grigoryan.
In February 2026, Karen Andreasyan submitted candidates for arbitrators and conciliators to ICSID, with terms extending until February 4, 2032. Among these candidates was Sargis Grigoryan, the founding director of “G Partners.” Notably, Grigoryan also represented “Sanitek S.a.r.l.” in its case against Armenia, which was heard at the same center.
At the time of his nomination to the ICSID panel (February 4, 2026), the “Sanitek” case had not yet been decided (the decision was rendered on May 22, 2026, with the tribunal declaring the proceedings closed on April 24 of the same year). Sargis Grigoryan clarified then that there was no conflict of interest, stating that access to justice is available to everyone, and who he represents and when does not fall within ICSID’s requirements.
Broader Context of Investment Disputes in Armenia
This case adds to a growing number of investment disputes involving Armenia, highlighting the complexities and challenges faced by foreign investors in the country. The outcome of Vinitski’s claim could set a precedent for future investment protection cases and influence Armenia’s appeal as an investment destination.
The Armenian government has yet to issue an official statement regarding Vinitski’s specific allegations. However, the involvement of high-profile business figures and the reference to international agreements underscore the significance of this legal battle.
The proceedings at ICSID are expected to be lengthy, with both sides presenting their arguments and evidence. The resolution of this dispute will be closely watched by the international business community and potential investors in Armenia.
Source: https://golosarmenii.am/arm/%D4%B2%D5%A5%D5%AC%D5%A1%D5%BC%D5%B8%D6%82%D5%BD%D5%81%D5%AB-%D5%A3%D5%B8%D6%80%D5%AE%D5%A1%D6%80%D5%A1%D6%80-%D5%8E%D5%AB%D5%B6%D5%AB%D6%81%D5%AF%D5%AB%D5%B6-icsid-%D5%B8%D6%82%D5%B4-%D5%80%D5%A1/
