Gagik Tsarukyan’s Belarusian business partner intends to file an investment lawsuit against Armenia
Nasha NIva
Businessman Nikolay Vinitsky, who holds citizenship of both Belarus and Russia, has informed the Armenian authorities of his intention to apply to international investment arbitration. He claims that the Armenian authorities violated his rights as an investor and caused damage to his economic interests, Reform.news writes .
According to Iveta Tonoyan, press secretary of the opposition “Prosperous Armenia” party, on July 27, Vinitsky sent an official notice of an investment dispute to the Armenian government. It is based on agreements on mutual protection of investments between Armenia and Belarus, Armenia and Russia, as well as on the provisions of the Treaty on the Eurasian Economic Union. Two days later, the Armenian side confirmed receipt of the document.
The businessman claims that his rights were violated in connection with events surrounding four Armenian enterprises: Araratcement, Multi Group Concern, Multi Wellness Center, and the Yerevan Brandy-Wine-Vodka Factory “Ararat”. According to him, the actions of the Armenian authorities led to the de facto expropriation of investments, and also significantly complicated the management and operation of these companies.
In his statement, Vinitsky claims that starting from the period before and after the parliamentary elections in Armenia in June 2026, state bodies took unsubstantiated, arbitrary, and discriminatory measures of a political nature that violated international guarantees of investment protection.
He also stated that his business partner, chairman of the “Prosperous Armenia” party Gagik Tsarukyan, as well as the heads of a number of enterprises, were arrested, which, in his opinion, effectively paralyzed the work of these companies.
Vinitsky called on the Armenian authorities to refrain from further interference in the activities of the enterprises, return control over them to legitimate shareholders, and ensure the possibility of normal operation without state pressure.
If the parties fail to settle the dispute through negotiations, the businessman intends to initiate international investment arbitration and demand compensation for the damage caused. According to him, this could be one of the first cases in which investment protection mechanisms provided for by the Treaty on the Eurasian Economic Union will be used against Armenia.
Gagik Tsarukyan is known for his close contacts with Alexander Lukashenka. He has repeatedly called him his friend. The Embassy of Belarus in Armenia is located near Tsarukyan’s residence in the village of Arinj near Yerevan. In 2024, this figure was visited by the Chairman of the National Olympic Committee of Belarus Viktor Lukashenka, and in 2025, with the assistance of Tsarukyan, Armenian blogger Bella (Roza Babakhanyan), who was detained in Belarus, was released.
