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.
Over the past decade, Mr. Makarov has been a long-term investor in Canada’s energy sector, ultimately becoming one of the largest investors in Spartan Delta, a Canadian oil-and-gas producer.
Born in Ashgabat, Turkmenistan, Mr. Makarov began his professional life as a champion cyclist before founding ITERA, one of the first private natural-gas companies operating across the former Soviet Union. ITERA played a significant role in facilitating Central Asian gas exports to Europe in the 1990s and early 2000s.
The company was sold in 2013, after which Mr. Makarov launched ARETI, a Cyprus-based international group of companies with energy and related interests across Europe, North America, and the Middle East. ARETI has no operations or affiliations in Russia. Mr. Makarov became a citizen of Cyprus in 2011 and officially renounced his Russian citizenship in 2023.
Beyond business, Igor Makarov is a committed philanthropist whose giving spans healthcare, child welfare, social inclusion, and culture. He helped open the Adult Autism Clinic at Mount Sinai Medical Center in Miami Beach, supported children with disabilities through organizations such as the Downside Up Foundation and the Books for Visually Impaired Children Fund, and is a donor to the Louvre Abu Dhabi.
Mr. Makarov is also recognized as a longstanding figure in international cycling. He has served on the Management Committee of the International Cycling Union (UCI) since 2011 and founded and sponsored the Swiss-based professional cycling team KATUSHA, which competed internationally from 2009 to 2019 and ranked among the world’s top teams for several seasons. In Cyprus, he is widely recognized 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.
