WELLINGTON, New Zealand and NICOSIA, Cyprus, Sept. 16, 2025 (GLOBE NEWSWIRE) -- New Zealand has officially removed Cyprus-based businessman and philanthropist Igor Makarov from its Russia Sanctions Register, becoming the third Western government – after the United Kingdom and Australia – to reverse measures initially imposed in 2022. The decision follows a review by New Zealand’s Ministry of Foreign Affairs and Trade (MFAT).
Neither the United States nor the European Union have sanctioned Mr. Makarov. Mr. Makarov, a Cypriot citizen and founder of the ARETI International Group, was designated by New Zealand in 2022 under the Russia Sanctions Act 2022, part of a broader, coordinated response among partners.
Following the removal of sanctions by the U.K., Australia, and now New Zealand, Canada remains the only Western jurisdiction still maintaining sanctions, keeping Mr. Makarov’s stake in Canadian oil-and-gas producer Spartan Delta effectively frozen. Over the past decade, Mr. Makarov has been a long-term investor in Canada’s energy sector – to support development programs, sustain high-skilled jobs, and generate tax revenues at the provincial and federal levels.
Background on Igor Makarov
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 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.
Contact Details:
Company Name: ARETI International Group
Contact Person's Name: ARETI PR Team
Company website: https://igormakarov.org/ | https://aretigroup.com/
Contact Email Address: pr@aretigroup.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/57be2ef7-fcc3-4cc5-9319-43b3864064cb
