STOCKHOLM — The Stockholm Arbitration Tribunal has fully rejected all requests submitted by Liormand Holdings Limited, Samvel Karapety- an, Eteri Karapetyan, Sargis Karapety- an, and Karen Karapetyan (hereinafter referred to as the “Claimants”) in con- nection with the Electric Networks of Armenia (ENA) case. The decision was issued on December 24, 2025, the government announced. In their petition, the Claimants had asked the Arbitration Tribunal, among other things, to confirm Armenia’s al- leged non-compliance with the Emer- gency Arbitrator’s decision No. EA 2025/121 of July 22, 2025; to restore the license of Electric Networks of Armenia CJSC and the powers of its governing bodies; and to terminate the authority of the appointed interim administrator. The Claimants had also requested a prohibition on the forced sale, transfer, or any other form of dis- posal of ENA shares or other assets. The Arbitration Tribunal rejected all of these requests in full, concluding that the interim measures sought by the Claimants were unfounded. The Tribunal further ruled that all costs related to the consideration of the petition shall be borne entirely by the Claimants. According to the government state- ment, the decision preserves the in- tegrity and comprehensiveness of the arbitration proceedings, ensuring that any subsequent rulings will be based on all relevant evidence and in accor- dance with the Arbitration Tribunal’s assessment of its jurisdiction and the applicable law. Armenia welcomed the decision, noting that it was issued by the Arbi- tration Tribunal competent to resolve the dispute on the merits, rather than by an emergency arbitrator. The Republic of Armenia reaf- firmed its commitment to participating in the arbitration proceedings with the highest level of professionalism and full respect for the process, while con- sistently defending its positions and interests and continuing constructive cooperation with the Claimants and the Arbitration Tribunal, the statement said.