Russia has warned Armenia against what its officials describe as possible “raider seizures” of Russian-owned enterprises, with Moscow indicating that industrial and infrastructure assets could face pressure as Yerevan reassesses its economic and political ties with Russia.

Russian Security Council Deputy Secretary Aleksey Shevtsov on September 18 that Russian industrial and infrastructure enterprises in Armenia could become the next targets of what Moscow characterizes as asset seizures. He argued that such measures would harm Armenia’s economy, given the role of Russian businesses in employment and investment.

Shevtsov’s remarks followed comments by Russian Security Council Secretary Sergei Shoigu a day earlier, who alleged that Russian companies operating in Armenia were facing unfriendly treatment and that Russian investments in some enterprises and industries were being subjected to what he described as a “raider seizure.” Shoigu linked the issue to Armenia’s broader move toward closer cooperation with Western institutions.

Russian officials have specifically pointed to the future of assets and infrastructure managed by Russian companies in Armenia. One example is the South Caucasus Railway, a subsidiary of Russian Railways that operates Armenia’s railway network. Moscow has objected to proposals concerning the possible transfer of the concession to a third country.

Deputy Foreign Minister Mikhail Galuzin previously that Russia was closely monitoring the position of its businesses in Armenia and that measures affecting Russian economic interests could draw a response from Moscow. Galuzin also raised concerns over the Armenian government’s decision to nationalize Electric Networks of Armenia and proposals concerning the railway concession.

The dispute over Russian-owned nodes forms part of a wider reassessment of Armenia-Russia relations. Yerevan has been examining different components of its bilateral ties while developing closer relations with Western partners. On its part, Moscow has increasingly focused on the status of strategic Russian investments, operating businesses, infrastructure assets, ownership of natural resources, and other critical economic interests in Armenia.