Karapetian announced the start of “the formation of our political team” on July 14 almost one month after being arrested following his condemnation of Pashinian’s campaign against the Armenian Apostolic Church. It remains unclear which prominent individuals will join the group that could become a major player in the Armenian political arena ahead of parliamentary elections expected in June 2026.
Karapetian’s nephew and chief spokesman Narek made clear on Sunday that the tycoon will officially lead the party despite not being eligible to become prime minister because of his dual Russian citizenship.
“The leader of our team will be Samvel Karapetian and we will move forward under his working auspices, meaning that on all economic, social, and foreign policy issues we will follow the path outlined by him,” he told reporters.
He did not deny or confirm rumors that Karen Karapetian (no relation), who served as Armenia’s prime minister from 2016-2018, will top the new party’s list of election candidates. The ex-premier, who has deplored the tycoon’s prosecution, has not commented on the speculation yet.
Some analysts expect Samvel Karapetian to redraw the country’s political landscape. They say he can win over many voters who trust neither the government nor the mainstream opposition. According to some opinion polls, such disillusioned people make up the biggest percentage of the electorate.
The 59-year-old billionaire, who has mainly lived in Russia since the 1990s, was initially prosecuted for allegedly calling for a violent overthrow of Pashinian’s government. After announcing his political ambitions, he was also charged him with tax evasion, fraud and money laundering. He rejects the accusations as politically motivated.
Speaking at a July 16 news conference, Pashinian effectively admitted the connection between the crackdown and Samvel Karapetian’s rhetoric. He said the tycoon must give up his Russian citizenship before engaging in political activities in Armenia.