Igor Makarov, a billionaire and former Russian citizen now living in Cyprus, has apparently decided to challenge Canadian sanctions.
A lawsuit filed by Igor Makarov — whose name coincides with that of the businessman on Canada’s sanctions list – has been registered in the Federal Court of Canada against the Ministry of Foreign Affairs.
It is likely that this lawsuit is related to challenging the Canadian sanctions that the businessman was placed under in 2023, as he was referred to as a “close associate of the regime” at the time.
In 1992, Igor Makarov founded and headed the Itera International Group of Companies, which became the first private gas company in Russia and the post-Soviet space, which not only independently produced gas and oil, but also conducted geological exploration.
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 2023, Forbes estimated the businessman’s fortune at $2.2 billion.
In March 2024, the United Kingdom lifted sanctions against the businessman, and in May — Australia.
