YEREVAN, May 31. /TASS/. A court in Yerevan has dropped embezzlement charges against Armenia’s third president, Serzh Sargsyan, and lifted the travel restrictions on him.

"The court rules to acquit Serzh Azatovich Sargsyan due to a lack of evidence," the judge read out the verdict during a live television broadcast.

Sargsyan was accused of embezzling government funds and giving favorable treatment to Flash Co. during his presidency, when this company won a state tender to supply diesel fuel despite offering a higher price than its competitors.