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An investor holding dual Belarusian and Russian citizenship, Mikalai Vinitski, has notified the Armenian authorities of his intention to initiate international investment arbitration, alleging violations of his rights and economic interests in the country. The announcement was made by Iveta Tonoyan, spokesperson for the opposition Prosperous Armenia Party, News.am reported.
According to the published statement, on July 27 Vinitski sent the Armenian government a formal notice of dispute under the bilateral investment protection agreements between Armenia and Belarus, Armenia and Russia, as well as the Treaty on the Eurasian Economic Union (EAEU). On July 29, the Armenian side confirmed receipt of the document.
Vinitski claims that his rights were violated in connection with developments involving four Armenian companies: ARARATCEMENT, MULTI GROUP CONCERN, MULTI WELLNESS CENTER and the Yerevan Ararat Brandy-Wine-Vodka Factory. According to him, the Armenian authorities took measures that effectively expropriated the assets and obstructed their operations.
“The case concerns allegations that the Armenian government, over an extended period beginning before the parliamentary elections in June 2026 and continuing afterward, carried out actions that unlawfully expropriated the investor’s investments, failed to provide the protection required under international law, and substantially impaired the management, operation and enjoyment of those investments through unreasonable, arbitrary and discriminatory measures adopted for political purposes,” the statement says.
Vinitski alleges that his business partner, Prosperous Armenia Party leader Gagik Tsarukyan, as well as the managers of the companies, were arrested, and that the authorities’ actions effectively paralyzed the enterprises’ operations.
Vinitski called on the Armenian authorities to refrain from taking any further action against the companies, restore their management to the lawful shareholders and ensure that they can resume operations without state interference.
If the dispute cannot be resolved amicably through negotiations, Vinitski intends to launch international investment arbitration and seek compensation for damages. According to him, the case could become one of the first to invoke the EAEU Treaty’s investment protection provisions against Armenia.
Tsarukyan, an Armenian businessman and leader of the Prosperous Armenia Party, maintains close ties with Aliaksandr Lukashenka and has described him as “my friend.” Belarus’ embassy in Armenia is located next to Tsarukyan’s mansion in the village of Arinj, near Yerevan. In January 2024, Viktar Lukashenka visited Tsarukyan in his capacity as head of Armenia’s National Olympic Committee. In 2025, Armenian blogger Bella (Roza Babakhanyan) was released from detention in Belarus with Tsarukyan’s assistance.