Australia has officially removed Igor Makarov, a Cyprus-based businessman and philanthropist, from its autonomous sanctions list, making it the second Western government, after the United Kingdom, to reverse sanctions initially imposed in response to Russia’s 2022 invasion of Ukraine. Notably, neither the United States nor the European Union has sanctioned Makarov.
The decision follows a comprehensive review by Australia’s Department of Foreign Affairs and Trade (DFAT) of Makarov’s application for delisting. As of this publication, Makarov’s name no longer appears on the country’s Consolidated List of sanctioned individuals and entities subject to travel bans and asset freezes.
Makarov, a Cyprus citizen and founder of the ARETI International Group, was initially designated by Australian authorities in April 2022 under the Autonomous Sanctions Regulations 2011. The move was part of a sweeping package of international sanctions targeting individuals alleged to have ties to the Kremlin or to have benefited from Russia’s war efforts.
In a statement following the announcement, Makarov welcomed the decision: “I am pleased about the Australian government’s decision to remove me from its sanctions list. This confirms what I have always maintained — the sanctions were unfounded. Australia now joins the United Kingdom in reaching a fair and objective assessment of my case. I appreciate the independent and impartial review of my application and remain committed to my business and philanthropic work both in Cyprus and globally.”
Background on Igor Makarov
Born in Ashgabat, Turkmenistan, Makarov began his professional life as a champion cyclist before founding ITERA, a Cyprus-based group of companies, which mainly operated as one of the first private natural gas companies in the former Soviet Union. ITERA played a pivotal role in facilitating gas exports from Central Asia to Europe throughout the 1990s and early 2000s. The company was sold in 2013, after which Makarov launched ARETI, a Cyprus-based International Group of companies with interests in the energy sector across Europe, North America, Central Asia, and the Middle East. ARETI has no operations or affiliations in Russia.
Makarov became a citizen of Cyprus in 2011 and officially renounced his Russian citizenship in 2023.
Beyond business, Makarov is a prominent figure in international cycling. He has served on the Management Committee of the International Cycling Union (UCI) since 2011 and founded the Swiss-based professional cycling team KATUSHA, which competed internationally from 2009 to 2019. Under his leadership, KATUSHA ranked among the top cycling teams in the world for several consecutive years.
In Cyprus, Makarov is well known for his philanthropic and sports-related initiatives, particularly in promoting cycling and a healthy lifestyle. He has sponsored numerous charity events and was awarded the prestigious Aristeidis Konstantinidis Award in recognition of his contributions to the development of cycling on the island.
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