On July 27, 2026, a dual Belarusian and Russian investor named Mikalai Vinitski formally initiated an international investment dispute against the Republic of Armenia.

Vinitski served the Armenian government with a "Notice of Intent to Submit Claims to Arbitration," alleging that the state unlawfully expropriated his investments and paralyzed his business operations.

The case has now been officially registered as Case No. ARB/26/37 with the International Centre for Settlement of Investment Disputes (ICSID).

Dispute Background

Vinitski claims his rights were violated through politically motivated, arbitrary state interference. The actions allegedly target his economic interests in four large enterprises tied to his arrested Armenian business partner, billionaire opposition leader Gagik Tsarukyan.

This lawsuit is highly significant because it is expected to be one of the very first investment treaty disputes to invoke the EAEU Treaty's investment protection provisions against Armenia, potentially creating a legal precedent for cross-border investments within the economic union.

Vinitski has invested in companies with Gagik Tsarukyan’s participation, including Araratcement CJSC, Multi Group Concern LLC, Multi Wellness Center LLC, and Yerevan Ararat Brandy-Wine-Vodka Factory OJSC,  the majority of whose shares belong to Gagik Tsarukyan.

Within the framework of the proceedings on the confiscation of property of illegal origin, the management and custody of the shares of Araratcement CJSC were transferred to the Republic of Armenia by the decision of the Anti-Corruption Court of July 13, 2026.

The US-based Grigoryan Disputes law firm, founded by Sargis Grigoryan, represents the businessman at the ICSID.

Controversy Surrounding Armenia's ICSID Reps

In February 2026, Karen Andreasyan, Armenia’s Representative on International Legal Matters, submitted four Armenian nominees to be included in the official ICSID panels of arbitrators and conciliators for terms lasting until February 2032.

In this official government role, he is responsible for managing Armenia's state representation in international tribunals, including cases managed by the International Centre for Settlement of Investment Disputes (ICSID).

The 2026 selections faced media scrutiny and investigative reporting from local news outlets, including Hetq, which highlighted that the state-quota nominees shared various professional or business connections with Andreasyan. Notably, nominee Sargis Grigoryan had previously been part of a legal team representing Sanitek in an ongoing investor-state dispute against the Armenian government at ICSID.

Photo: ICSID Washington D.C. headquarters (Chang Law website)