Australia, following the UK, lifted sanctions against Igor Makarov, a billionaire and the president of the ARETI International Group, registered in Cyprus. ARETI is focused on investments in various sectors worldwide, including energy sector, as well as charity and sports.
In 1992, Igor Makarov founded and headed Itera International, the first private company in Russia to produce gas and oil and conduct geological exploration independently.
In 2022, the businessman was placed on the UK sanctions list “for supporting or benefiting from the Russian government and activities in strategically important industries. In the same year, Australia also imposed sanctions.
In March 2024, the United Kingdom lifted sanctions against the businessman. On May 19, 2025, the Australian Ministry of Foreign Affairs published a document on the exclusion of entry No. 108 (Igor Makarov) from the Russian part of the sanctions list.
Currently, according to the ARETI International Group, Igor Makarov is a citizen and tax resident of Cyprus. The website of ARETI notes that the company has no business interests or affiliated companies in Russia.
