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In our debut episode of 'Without compromise', we unpack one of the most significant developments shaping Armenia’s political and investment landscape: the government’s move to nationalise the country’s electricity distribution monopoly, the Electric Networks of Armenia.

This episode explores the deepening rift between Armenia’s government and the influential Armenian Apostolic Church, the criminal proceedings against Karapetyan, the looming 2026 elections, and the geopolitical tug-of-war between Russia and the West. With insights from Dr. Ara Marjanyan, Armenia’s national energy expert at the United Nations Development Programme, we examine whether this nationalisation signals a broader policy shift, or simply an isolated clash at the intersection of politics, energy security, and foreign investment.