Arrested billionaire Samvel Karapetyan says he is renouncing his Russian and Cypriot passports to take part in Armenia’s upcoming elections

Billionaire Samvel Karapetyan said he has begun renouncing his Russian and Cypriot citizenships in order to run in Armenia’s parliamentary elections, local outlet News.am reported, citing remarks Karapetyan made during a court hearing in Yerevan.

Proceedings in Karapetyan’s criminal case opened today, April 15, at Armenia’s Anti-Corruption Court. “I am a citizen of the Republic of Armenia, and I also hold Russian and Cypriot passports. Since we are confident of our victory [in the upcoming parliamentary elections in Armenia], we have started the process of renouncing Russian and Cypriot citizenship,” the businessman said in response to a judge’s question about his citizenships. Karapetyan also told the court that his current main occupation is serving as chairman of the Strong Armenia party, a shift from his previous professional duties, which were focused on heading the Tashir group of companies.

Karapetyan is charged under several articles of Armenia’s Criminal Code, including money laundering, tax evasion, theft, and making public calls to seize power. He is currently under house arrest.

Earlier this month, during Armenian Prime Minister Nikol Pashinyan’s visit to Moscow, Vladimir Putin raised the topic of Armenia’s upcoming elections. “There are many political forces that are pro-Russian… We would very much like all these political parties and politicians to be able to take part in this domestic political work during the elections. Some, I know, are in places of detention, despite the fact that they have Russian passports,” Putin said, appearing to reference Karapetyan.

Armenia’s Central Election Commission will continue registering candidates through April 23, with parliamentary elections scheduled for June 7. Under Armenia’s election law, a candidate for parliament must not hold any citizenship other than that of Armenia.

Samvel Karapetyan, a native of Armenia and founder of Russia’s Tashir Group, ranks 44th on Forbes magazine’s list of Russia’s richest people, with an estimated fortune of $3.2 billion. He was detained in Yerevan in June 2025.