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Jailed Tycoon ‘Confident’ Of Regime Change


Armenia - Supporters of jailed businessman Samvel Karapetian demonstrate in Yerevan, October 18, 2025.
Armenia - Supporters of jailed businessman Samvel Karapetian demonstrate in Yerevan, October 18, 2025.

One day after a Yerevan court extended his pre-trial arrest by two more months, billionaire Samvel Karapetian assured supporters on Wednesday that his recently established opposition movement will unseat Armenia’s government “in just a few months.”

“Today I appeal to you with one call: do not despair,” Karapetian said in a statement released from prison. “Do not think that the small clique [ruling Armenia] has achieved a positive result for itself. By trampling on sanctities, filling prisons, seizing property, and trying to create an atmosphere of fear, you may be able to hold on to power for another six months at most, but you will not hold on to the country, restore the country's dignity, improve the lives of your citizens or solve problems of the state.”

“In just a few months, we will be congratulating each other on the victory of justice, the restoration of dignity, the defeat of evil, and the beginning of a new era of prosperity and peace for Armenia. So we will continue the struggle and move towards unconditional victory, in our own way,” added the statement.

Karapetian clearly alluded to the parliamentary elections due in June next year. His Mer Dzevov movement, officially launched in late August, is expected to be one of the ruling Civil Contract party’s main opposition challengers.

Under Armenian law, the 60-year-old businessman is not eligible to become prime minister because of his dual Russian nationality. Despite this legal hurdle and his five-month imprisonment, his movement claims to have already attracted 8,000 members.

Earlier this week, Prime Minister Nikol Pashinian again stated that he is confident that his party will win the 2026 elections. He pointed to its victory in a weekend local election in a district west of Yerevan comprising the town of Vagharshapat and 17 villages.

Narek Karapetian, the jailed tycoon’s nephew coordinating Mer Dzevov’s activities, downplayed the implications of that victory. He argued that Mer Dzevov did not participate in the Vagharshapat ballot.

“These were one of the last Armenian elections which involved the government and the pre-June 18 opposition,” he said, adding that his new opposition force will ensure Pashinian’s removal from power.

Karapetian Jr. referred to the date of his uncle’s controversial arrest and prosecution. Samvel Karapetian was charged with calling for violent regime change hours after condemning Pashinian’s efforts to depose the top clergy of the Armenian Apostolic Church. He was also accused of tax evasion, fraud and money laundering in July after deciding to enter politics. He rejects all the accusations as politically motivated.

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