Stockholm Tribunal Grants Armenia's Request in ENA Arbitration

A Stockholm arbitration tribunal has ruled in favor of Armenia in a procedural matter involving a dispute with Liormand Holdings Limited and the Karapetyan family over the Electric Networks of Armenia (ENA). In a June 16, 2026 decision, the tribunal approved Armenia's motion to bifurcate proceedings, allowing jurisdictional questions to be examined separately before the case moves to its merits phase. Armenia argued the tribunal lacks jurisdiction to hear the claims, contending that the Karapetyans do not qualify as "investors" under the relevant international agreement and failed to meet requirements under Article 9(2) of that accord. The tribunal found sufficient grounds to review all of Armenia's jurisdictional objections during this initial stage. The decision potentially allows the tribunal to dismiss the claims without conducting a full examination of the case's substantive issues.