The story of Samvel Karapetyan reads like a political thriller. A Russian-Armenian billionaire listed on the US Treasury's Kremlin List — a roster of individuals closely associated with the Russian government — he was arrested at Yerevan's Zvartnots Airport in June 2025 on charges of conspiring to overthrow Armenia's constitutional order.
The $720 Million Grid
Karapetyan's Tashir Group controls the Electric Networks of Armenia (ENA), the country's sole electricity distribution company, valued at approximately $720 million. The acquisition was structured through a chain of offshore entities registered in Cyprus and the British Virgin Islands, making the true ownership structure deliberately opaque. Critics argue that a strategic national asset should never have been allowed to pass into the hands of a single individual with documented ties to the Kremlin.
From Prisoner to Candidate
In a development that has baffled political observers, Karapetyan announced his candidacy for Prime Minister even as he remained under house arrest. His detention, extended most recently on March 14, 2026, has not dampened his political ambitions. His supporters argue the charges are politically motivated; prosecutors insist the evidence of coup planning is substantial.
The Kremlin Connection
Karapetyan's inclusion on the US Treasury Kremlin List places him in delicate geopolitical territory. As Armenia navigates between Western and Russian spheres of influence, having a PM candidate with documented Kremlin ties raises profound questions about the country's sovereignty and strategic direction.
Whether Karapetyan will trade his house arrest for the Prime Minister's residence remains one of the most consequential uncertainties in Armenian politics today.