New Zealand has removed Cypriot businessman Igor Makarov from its list of individuals designated under the Russia Sanctions Regulations, effective September 12, 2025.
Makarov, president of ARETI International Group and former founder of the energy conglomerate ITERA, was first placed under sanctions by New Zealand in 2022, shortly after Russia’s full-scale invasion of Ukraine. Like other jurisdictions, New Zealand initially aligned its sanctions with those of international partners, targeting individuals considered to have close ties to Russia’s political elite.
His removal from New Zealand’s sanctions list comes after similar reviews – the United Kingdom lifted sanctions against him in March 2024, followed by Australia in May 2025, with both governments concluding there was no legal basis to maintain restrictions. Notably, neither the United States nor the European Union has ever imposed sanctions on Makarov.
Canada now remains the only Western country with sanctions in place against the businessman, pointing to alleged ties to senior Russian officials – allegations Makarov consistently denies. In August 2024, the Federal Court of Canada upheld the Minister’s decision to keep Makarov on its sanctions list, ruling that the Minister is entitled to broad discretion in assessing available evidence and is not bound by strict evidentiary rules.
Apart from his business profile, Makarov has also been a visible figure in international sport. A former professional cyclist, he has served on the Management Committee of the Union Cycliste Internationale (UCI) since 2011. He was also the founder and sponsor of Team Katusha, a Swiss-based professional WorldTour cycling team that competed at the highest level of the sport until 2019.
