12. Is there a ban on donations from corporations with partial government ownership to candidates?

Article 26, Sections 2-4, RA Electoral Code, 2021.
Հոդված 26, Մաս 2-4, ՀՀ Ընտրական Օրենսգիրք, 2021.

Donations to candidates can only be made by the political party, the candidates themselves, or individuals with the right to vote. Donations made by any other physical or legal person are transferred to the state budget.

Donations to a specific candidate are only applicable in Armenia for municipal elections in cities with less than 4000 electors (which use the majoritarian system). Campaigns in larger cities and at the national level are conducted with closed party lists, and campaign finances are handled by the political party.