Ruben Vardanyan has been sentenced to 20 years in prison following the verdict delivered at the Baku Military Court.
The final court decision (verdict) was announced at an open court hearing in the criminal case against Ruben Vardanyan, a citizen of Armenia charged under articles of the Criminal Code of the Republic of Azerbaijan related to crimes against peace and humanity, war crimes, terrorism, financing of terrorism, and other serious offenses.
The case has attracted significant domestic and international attention due to Vardanyan’s former political role in Azerbaijan’s formerly-occupied Garabagh region and the wider implications following the dissolution of the Armenian separatist administration in 2023. Vardanyan served as the so-called “state minister” of that separatist structure, which operated in territory internationally recognised as part of Azerbaijan.
Previously, the Baku Military Court sentenced several Armenian separatist defendants to life imprisonment in cases related to crimes committed during the Armenia-Azerbaijan conflict. The verdicts, delivered on 5 February, formed part of broader criminal proceedings involving war crimes, terrorism, violations of the laws of war, forced displacement and illegal seizure of power under Azerbaijan’s Criminal Code.
Ruben Vardanyan is an Armenian citizen and businessman who rose to prominence in Russia’s financial sector during the post-Soviet transition. Born in Yerevan in 1968, he moved to Moscow in the early 1990s and co-founded Troika Dialog with his wife, which became one of Russia’s largest private investment banks.
Troika Dialog played a key role in the development of Russia’s emerging stock market and acted as a bridge between Western investors and Russian companies. The bank was sold to Sberbank in 2012 for more than $1 billion.
In subsequent years, investigative reporting linked financial structures associated with Troika to large-scale offshore transactions, placing the institution under international scrutiny.
Vardanyan’s shift from finance to politics followed the 2020 war in the South Caucasus.
In September 2022, he renounced his Russian citizenship and relocated to the region. Two months later, he was appointed “State Minister” of the de facto authorities.
Azerbaijani officials described his presence as unlawful, arguing that by accepting a senior position within the separatist structure, he assumed political and administrative responsibility for its actions.
Prosecutors allege that during his tenure, illegal armed formations continued operating in the territory and that financial and logistical support mechanisms remained in place. Authorities contend that his position connects him to activities falling under terrorism-related and state security provisions of Azerbaijan’s Criminal Code.
Vardanyan has previously rejected the accusations, stating that his involvement was political and humanitarian in nature and denied participation in any armed or unlawful activity.
In September 2023, following Azerbaijan’s military operation that led to the dissolution of the separatist administration, Vardanyan was detained at the Lachin border checkpoint while attempting to leave the region.
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