Mikalay Vinitski, a businessman with Belarusian and Russian citizenship, has initiated investment arbitration against the Armenian government at the International Centre for Settlement of Investment Disputes (ICSID).
Modern.az reports, citing foreign media, that the case was officially registered in the ICSID database on September 4.
The case is registered under the name “Mikalai Vinitski v. Republic of Armenia” (ARB/26/37). According to the Centre, the subject of the dispute is related to the acquisition of shares. Vinitski's claim refers to the 2001 Belarus–Armenia agreement on mutual protection of investments and the Treaty on the Eurasian Economic Union.
Vinitski is a business partner of Gagik Tsarukyan, an Armenian opposition politician and businessman. He has invested in a number of companies associated with Tsarukyan, including “Araratcement”, “Multi Group Concern” and “Multi Wellness Center”. According to Armenian media, his investments are also related to the “Yerevan Ararat Brandy-Wine-Vodka Factory”.
The businessman's claim is based on arguments that the Armenian authorities exerted politically motivated pressure on his investments. In a notice previously sent to the Armenian government, Vinitski claimed that his investment rights were violated and his business activities were significantly restricted as a result of the actions of state bodies.
The issue became even more relevant after the Armenian court's decision regarding the shares of “Araratcement”. By the decision of the Anti-Corruption Court of Armenia dated July 13, 2026, the management and protection of “Araratcement” shares were transferred to the Armenian state within the framework of the case of confiscation of property of illegal origin.
Vinitski's interests are represented by the US-based law firm Grigoryan Disputes. This company is also indicated as the claimant's representative in the official information of ICSID. The Armenian side is represented by the state representation for international legal issues.
According to ICSID, the application for the initiation of the arbitration process in the case was registered by the Secretary-General on September 4, and there is currently no final decision on the case.
