A court in Yerevan has imposed a two-month preventive measure “detention in custody“ on pro-Russian opposition leader and billionaire Gagik Tsarukyan. Judge Garik Abelyan's decision was announced after a large-scale operation by law enforcement agencies, which included searches of over 70 addresses related to his business empire.
The defense of the 69-year-old politician, led by lawyer Erem Sargsyan, described the charges as “absurd” and announced that he would appeal the decision.
The charges: Smuggling and money laundering from Iran
The official investigation, which was reported by the state-run Armenpress agency, is related to the activities of the Armenian-Iranian Chamber of Commerce. According to the prosecutor's office, in the period 2022-2024, Tsarukyan and his accomplices organized a scheme for the illegal import of vehicles, fuel and machinery from Iran.
Damage: The fraud is worth over 8.1 billion drams (around US$21 million). Money laundering: Investigators claim that the illegally acquired assets were subsequently legalized through the oligarch's financial network.Before the imposition of the permanent arrest, Tsarukyan attempted to leave the country through the Zvartnots International Airport in Yerevan, but was stopped by border authorities due to a travel ban.
The blow to the business empire
Gagik Tsarukyan is a former world champion in Canadian wrestling and one of the richest people in the Caucasus region. His wealth was accumulated in the 1990s in sectors such as gambling, mining, hospitality and cryptocurrencies.
As part of the operation, special forces stormed his personal estate, the “Ararat“ brandy factory, a cement plant, as well as the Multi Wellness Centre sports complex in the capital. Before the elections, Prime Minister Nikol Pashinyan openly announced that the Tsarukyan family's cement plant would be nationalized due to violations during its privatization.
The political context and the “War Party“
The arrest occurs exactly a month after the parliamentary elections held on June 7, 2026, in which Tsarukyan's “Prosperous Armenia“ party fell just short of the 4 percent threshold to enter parliament.
After the vote, Prime Minister Pashinyan, who follows a pro-Western course, promised tough measures against the opposition, describing the three main pro-Russian factions („Prosperous Armenia“, „Strong Armenia“ and the „Armenia“ bloc) as „three-headed spy party of war“. During the campaign, Pashinyan accused the opposition of trying to drag the country into a new conflict with Azerbaijan.
Reactions: Political repression or rule of law?
Eight opposition parties issued a joint statement condemning the government's actions, calling them “pure political persecution“. According to Tsarukyan's spokeswoman, the security forces are carrying out “illegal orders“ to crack down on political opponents. However, Armenia's Central Election Commission has already rejected the opposition's appeals to annul the elections.
Meanwhile, Russian political figures, including Dmitry Medvedev, have criticized the crackdown on the pro-Russian business elite in Yerevan, calling it a “new round of purges against those who disagree with the ruling authorities“.