Suren Papikyan’s Assets: New Property in Kentron and Income of 36 Million Drams

Suren Papikyan’s 2025 declaration, as Minister of Defense, has come under the scrutiny of the Zhoghovurd daily newspaper. As the newspaper writes, over the past year the minister acquired two new real estate properties in Yerevan’s Kentron administrative district. According to the declaration, on August 25, Papikyan acquired an apartment for 69 million 408 thousand 979 drams, and on November 27, a parking space for 11 million 881 thousand 200 drams. The declared value of the two properties together amounts to 81 million 290 thousand 179 drams.

By the end of the year, a total of six real estate properties were listed in Papikyan’s declaration. These include the apartment and parking space in Kentron, an apartment in Arabkir, as well as three plots of land in the Berd community of Lori Province. No vehicles, securities, investments, or bank deposits were reported in the 2025 declaration.

The Defense Minister’s total declared income for 2025 amounted to 36 million 252 thousand 58 drams. Of this, 27 million 545 thousand 921 drams consisted of remuneration for work and payments equivalent to it from the Ministry of Defense. Papikyan received another 6 million drams from rental income, 1 million drams from agricultural activities, while 1 million 706 thousand 137 drams constituted an income tax refund.

Separate information is also provided in the declaration regarding monetary funds. At the beginning of 2025, the minister’s bank accounts held 17 million 68 thousand 319.46 drams, 30 thousand 1.96 US dollars, and 15 thousand 193.41 euros. By the end of the year, the balance in dram accounts had reached 23 million 881 thousand 330.77 drams, the balance in the dollar account had remained unchanged at 30 thousand 1.96 dollars, while funds in euros amounted to 20 thousand 156.48 euros.

Regarding cash holdings, 1 million drams, 20 thousand dollars, and 10 thousand euros had been declared at the beginning of the year. By the end of the year, the amount of cash in drams stood at 2 million drams, while the amount in euros was 10 thousand euros.

Meanwhile, as of December 31, 2025, the outstanding principal balance of Suren Papikyan’s loans amounted to 51 million 741 thousand 250.8 drams. During the year, 8 million 752 thousand 431 drams were allocated toward loan repayments. The minister’s expenses for travel and accommodation for vacation purposes amounted to 3 million 246 thousand 589 drams. The declaration also lists other one-time expenses exceeding 2 million drams.

Zhoghovurd addressed Papikyan’s assets at a time when the activities of the Ministry of Defense had become the focus of public discussion, against the backdrop of deaths in the armed forces in recent months, servicemen’s service conditions, and the Shaki incident. The newspaper also presented Papikyan’s official biography: in 2018, he became Minister of Territorial Administration and Development; in 2019, Minister of Territorial Administration and Infrastructure; in 2021, he was appointed Deputy Prime Minister, and since November of the same year, he has held the position of Minister of Defense. On August 3, 2026, he was appointed Minister of Defense once again.

Thus, according to the Zhoghovurd daily newspaper, Papikyan’s 2025 declaration recorded six real estate properties in his name; during the year, two new properties with a combined value of more than 81 million drams were acquired, while his declared annual income amounted to more than 36 million drams. At the same time, by the end of the year, he had bank funds in drams, dollars, and euros, as well as loan obligations exceeding 51 million drams.