Photo Courtesy of Igor Makarov
Australia has removed Igor Makarov, a Cyprus-based billionaire and former Russian national, from its Consolidated List of designated individuals. According to Cornwall’s Law Firm, the delisting was effective as of May 22, 2025, but was not accompanied by a public announcement from the Australian government. Makarov had been sanctioned in April 2022 under Australia’s Autonomous Sanctions Regulations in response to Russia’s invasion of Ukraine.
Makarov, founder of the energy conglomerate ITERA and current president of ARETI International Group, renounced his Russian citizenship in 2023 while retaining his Cypriot nationality, which he acquired in 2011.
His removal from Australia’s sanctions list follows a similar decision by the United Kingdom in March 2024, where the UK government lifted sanctions in the course of judicial review proceedings. Neither the United States nor the European Union has ever imposed sanctions on Makarov.
While Australia and the UK have lifted their sanctions, Canada maintains the sanctions against Makarov, alleging an association with senior Russian officials, a claim which Makarov rigorously denies. In August 2024, the Federal Court of Canada upheld the Minister’s decision, arguing that in making the decision, the Minister is entitled to the widest deference in weighing and assessing the record and not bound by the strict rules of evidence.
A former professional cyclist, Makarov maintains a prominent presence in international sports. He has served on the Management Committee of the International Cycling Union (UCI) since 2011 and was the founder of Team KATUSHA, a WorldTour squad that competed at the sport’s highest level until 2019.
