Former U.S. Senator John Sununu, who is making a bid for the Senate seat in New Hampshire this year, has seen his financial investments benefit significantly from geopolitical conflicts, particularly the 2020 Azerbaijan-Armenia war. This conflict resulted in severe humanitarian crises, including ethnic cleansing and genocide.
After leaving office in 2009, Sununu transitioned into roles as a corporate lobbyist and adviser, amassing a net worth reportedly reaching up to $36.3 million. Among his financial assets is a significant stake, valued between $1 million and $5 million, in Anglo Asian Mining (AAM), a company listed on the London Stock Exchange engaged in mining precious metals in Azerbaijan.
Sununu’s family has strong ties to AAM. His father, John H. Sununu, a former governor of New Hampshire, and his brother, Michael, both hold positions on the company’s board of directors. In September 2024, John H. Sununu transferred over 900,000 AAM shares to Sununu Holdings LLC, a family-owned investment entity.
The conflict in question began in 2020 when Azerbaijan launched an offensive in Nagorno-Karabakh, a disputed region with a predominantly ethnic Armenian population. This military action included the use of ground troops, artillery, drones, and missiles, raising international alarm over potential war crimes.
Reports, including those from The New York Times, United Nations officials, and human rights organizations like Amnesty International, have documented serious allegations against both sides. However, Azerbaijani forces were particularly noted for acts of violence including executions and torture, as per Columbia University’s Institute for the Study of Human Rights.
The conflict reignited in 2023, displacing over 100,000 ethnic Armenians. This forced migration led to accusations of ethnic cleansing, with some international bodies labeling the situation as genocide.
Amid these events, AAM has been able to extend its mining operations into the Nagorno-Karabakh region, leading to substantial financial gains. The company’s stock has surged by 395% over three years due to these expansions.
The Armenian National Committee UK criticized AAM for “taking advantage of the war and exploiting an unstable region to maximize profits for its investors.” A lawsuit has also been filed against AAM, accusing John H. Sununu of advocating for Azerbaijan’s failed 2016 aggression in Nagorno-Karabakh to enhance mining activities.
Sununu has faced similar accusations in the past, with reports indicating that his investments in oil and gas have also profited from conflicts in Venezuela and Iran. He has been a proponent of U.S. involvement in the latter.
In the upcoming political contest, Sununu is set to compete against former Massachusetts Senator Scott Brown in a September 8 primary. The primary victor is expected to challenge Democratic Representative Chris Pappas in the general election.
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