Stockholm Arbitration Tribunal Grants Key Armenian Government Motion in ENA Case

STOCKHOLM  — The Stockholm arbitration tribunal, by a decision dated June 16, 2026, fully granted Armenia’s motion to bifurcate the proceedings in the arbitration case of Liormand Holdings Limited and the Karapetyans v. Armenia.

Armenia had presented arguments demonstrating that the arbitration tribunal lacks jurisdiction to hear the case. The international tribunal found sufficient grounds to examine all of the arguments submitted by the Government of Armenia separately at the preliminary stage of the proceedings.

One of Armenia’s key arguments is that the Karapetyans do not meet the requirements of the definition of “investor” set out in the relevant international agreement, and that they also violated the requirements of Article 9(2) of that agreement.

This important decision makes it possible for the international tribunal to consider the issue of jurisdiction at a much earlier stage and to fully dismiss all claims brought against Armenia.