{"id":206341,"date":"2025-07-22T12:46:16","date_gmt":"2025-07-22T08:46:16","guid":{"rendered":"https:\/\/forbes.ge\/?p=206341"},"modified":"2025-07-22T12:46:16","modified_gmt":"2025-07-22T08:46:16","slug":"australia-removes-sanctions-on-cypriot-billionaire-igor-makarov","status":"publish","type":"post","link":"https:\/\/dev.forbes.ge\/en\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\/","title":{"rendered":"Australia Removes Sanctions on Cypriot Billionaire Igor Makarov"},"content":{"rendered":"<p style=\"text-align: right;\"><span style=\"color: #808080;\"><i><span style=\"font-weight: 400;\">Photo Courtesy of Igor Makarov<\/span><\/i><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Australia has removed Igor Makarov, a Cyprus-based billionaire and former Russian national, from its Consolidated List of designated individuals. According to <\/span><a href=\"https:\/\/www.cornwalls.com.au\/delisting-of-igor-makarov-from-australias-consolidated-sanctions-list\/\"><span style=\"font-weight: 400;\">Cornwall&#8217;s Law Firm,<\/span><\/a><span style=\"font-weight: 400;\"> the delisting was effective as of May 22, 2025, but was not accompanied by a public announcement from the Australian government. Makarov had been sanctioned in April 2022 under Australia&#8217;s Autonomous Sanctions Regulations in response to Russia&#8217;s invasion of Ukraine.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Makarov, founder of the energy conglomerate ITERA and current president of ARETI International Group, renounced his Russian citizenship in 2023 while retaining his Cypriot nationality, which he acquired in 2011.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">His removal from Australia&#8217;s sanctions list follows a similar decision by the United Kingdom in March 2024, where the UK government lifted sanctions in the course of judicial review proceedings. Neither the United States nor the European Union has ever imposed sanctions on Makarov.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While Australia and the UK have lifted their sanctions, Canada maintains the sanctions against Makarov, alleging an association with senior Russian officials, a claim which Makarov rigorously denies. In August 2024, the Federal Court of Canada upheld the Minister&#8217;s decision, arguing that in making the decision, the Minister is entitled to the widest deference in weighing and assessing the record and not bound by the strict rules of evidence.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A former professional cyclist, Makarov maintains a prominent presence in international sports. He has served on the Management Committee of the International Cycling Union (UCI) since 2011 and was the founder of Team KATUSHA, a WorldTour squad that competed at the sport\u2019s highest level until 2019.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Photo Courtesy of Igor Makarov Australia has removed Igor Makarov, a Cyprus-based billionaire and former Russian national, from its Consolidated List of designated individuals. According to Cornwall&#8217;s Law Firm, the delisting was effective as of May 22, 2025, but was not accompanied by a public announcement from the Australian government. Makarov had been sanctioned in [&hellip;]<\/p>\n","protected":false},"author":675,"featured_media":206342,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1752],"tags":[],"class_list":["post-206341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics-en","has-thumb"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Australia Removes Sanctions on Cypriot Billionaire Igor Makarov &#8226; Forbes Georgia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.forbes.ge\/en\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australia Removes Sanctions on Cypriot Billionaire Igor Makarov &#8226; Forbes Georgia\" \/>\n<meta property=\"og:description\" content=\"Photo Courtesy of Igor Makarov Australia has removed Igor Makarov, a Cyprus-based billionaire and former Russian national, from its Consolidated List of designated individuals. According to Cornwall&#8217;s Law Firm, the delisting was effective as of May 22, 2025, but was not accompanied by a public announcement from the Australian government. Makarov had been sanctioned in [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dev.forbes.ge\/en\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\/\" \/>\n<meta property=\"og:site_name\" content=\"Forbes Georgia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/forbesgeo\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-22T08:46:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/dev.forbes.ge\/wp-content\/uploads\/2025\/07\/Forbes-WEB-25072202.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1540\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Georgette Virgo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/DavidTsiramua\" \/>\n<meta name=\"twitter:site\" content=\"@forbesgeorgian\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Georgette Virgo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\\\/\"},\"author\":{\"name\":\"Georgette Virgo\",\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/#\\\/schema\\\/person\\\/9c213a61473136cb946e384c80b06ae4\"},\"headline\":\"Australia Removes Sanctions on Cypriot Billionaire Igor Makarov\",\"datePublished\":\"2025-07-22T08:46:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\\\/\"},\"wordCount\":263,\"publisher\":{\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/dev.forbes.ge\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/Forbes-WEB-25072202.jpg\",\"articleSection\":[\"Politics\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\\\/\",\"url\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\\\/\",\"name\":\"Australia Removes Sanctions on Cypriot Billionaire Igor Makarov &#8226; Forbes Georgia\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/dev.forbes.ge\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/Forbes-WEB-25072202.jpg\",\"datePublished\":\"2025-07-22T08:46:16+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\\\/#primaryimage\",\"url\":\"https:\\\/\\\/dev.forbes.ge\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/Forbes-WEB-25072202.jpg\",\"contentUrl\":\"https:\\\/\\\/dev.forbes.ge\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/Forbes-WEB-25072202.jpg\",\"width\":1540,\"height\":1080},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Australia Removes Sanctions on Cypriot Billionaire Igor Makarov\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/\",\"name\":\"Forbes Georgia\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/#organization\",\"name\":\"Forbes Georgia\",\"url\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/forbes.ge\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/forbes-georgia-logo.svg\",\"contentUrl\":\"https:\\\/\\\/forbes.ge\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/forbes-georgia-logo.svg\",\"width\":197,\"height\":49.39,\"caption\":\"Forbes Georgia\"},\"image\":{\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/forbesgeo\",\"https:\\\/\\\/x.com\\\/forbesgeorgian\",\"https:\\\/\\\/www.instagram.com\\\/forbesgeorgia\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/forbes-georgia\\\/\",\"https:\\\/\\\/www.youtube.com\\\/forbesgeorgian\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/#\\\/schema\\\/person\\\/9c213a61473136cb946e384c80b06ae4\",\"name\":\"Georgette Virgo\",\"sameAs\":[\"https:\\\/\\\/www.linkedin.com\\\/in\\\/tsiramua\\\/\",\"https:\\\/\\\/x.com\\\/https:\\\/\\\/twitter.com\\\/DavidTsiramua\"],\"url\":\"#molongui-disabled-link\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Australia Removes Sanctions on Cypriot Billionaire Igor Makarov &#8226; Forbes Georgia","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/dev.forbes.ge\/en\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\/","og_locale":"en_US","og_type":"article","og_title":"Australia Removes Sanctions on Cypriot Billionaire Igor Makarov &#8226; Forbes Georgia","og_description":"Photo Courtesy of Igor Makarov Australia has removed Igor Makarov, a Cyprus-based billionaire and former Russian national, from its Consolidated List of designated individuals. According to Cornwall&#8217;s Law Firm, the delisting was effective as of May 22, 2025, but was not accompanied by a public announcement from the Australian government. Makarov had been sanctioned in [&hellip;]","og_url":"https:\/\/dev.forbes.ge\/en\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\/","og_site_name":"Forbes Georgia","article_publisher":"https:\/\/www.facebook.com\/forbesgeo","article_published_time":"2025-07-22T08:46:16+00:00","og_image":[{"width":1540,"height":1080,"url":"https:\/\/dev.forbes.ge\/wp-content\/uploads\/2025\/07\/Forbes-WEB-25072202.jpg","type":"image\/jpeg"}],"author":"Georgette Virgo","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/twitter.com\/DavidTsiramua","twitter_site":"@forbesgeorgian","twitter_misc":{"Written by":"Georgette Virgo","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/dev.forbes.ge\/en\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\/#article","isPartOf":{"@id":"https:\/\/dev.forbes.ge\/en\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\/"},"author":{"name":"Georgette Virgo","@id":"https:\/\/dev.forbes.ge\/en\/#\/schema\/person\/9c213a61473136cb946e384c80b06ae4"},"headline":"Australia Removes Sanctions on Cypriot Billionaire Igor Makarov","datePublished":"2025-07-22T08:46:16+00:00","mainEntityOfPage":{"@id":"https:\/\/dev.forbes.ge\/en\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\/"},"wordCount":263,"publisher":{"@id":"https:\/\/dev.forbes.ge\/en\/#organization"},"image":{"@id":"https:\/\/dev.forbes.ge\/en\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\/#primaryimage"},"thumbnailUrl":"https:\/\/dev.forbes.ge\/wp-content\/uploads\/2025\/07\/Forbes-WEB-25072202.jpg","articleSection":["Politics"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/dev.forbes.ge\/en\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\/","url":"https:\/\/dev.forbes.ge\/en\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\/","name":"Australia Removes Sanctions on Cypriot Billionaire Igor Makarov &#8226; Forbes Georgia","isPartOf":{"@id":"https:\/\/dev.forbes.ge\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/dev.forbes.ge\/en\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\/#primaryimage"},"image":{"@id":"https:\/\/dev.forbes.ge\/en\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\/#primaryimage"},"thumbnailUrl":"https:\/\/dev.forbes.ge\/wp-content\/uploads\/2025\/07\/Forbes-WEB-25072202.jpg","datePublished":"2025-07-22T08:46:16+00:00","breadcrumb":{"@id":"https:\/\/dev.forbes.ge\/en\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/dev.forbes.ge\/en\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/dev.forbes.ge\/en\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\/#primaryimage","url":"https:\/\/dev.forbes.ge\/wp-content\/uploads\/2025\/07\/Forbes-WEB-25072202.jpg","contentUrl":"https:\/\/dev.forbes.ge\/wp-content\/uploads\/2025\/07\/Forbes-WEB-25072202.jpg","width":1540,"height":1080},{"@type":"BreadcrumbList","@id":"https:\/\/dev.forbes.ge\/en\/australia-removes-sanctions-on-cypriot-billionaire-igor-makarov\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/dev.forbes.ge\/en\/"},{"@type":"ListItem","position":2,"name":"Australia Removes Sanctions on Cypriot Billionaire Igor Makarov"}]},{"@type":"WebSite","@id":"https:\/\/dev.forbes.ge\/en\/#website","url":"https:\/\/dev.forbes.ge\/en\/","name":"Forbes Georgia","description":"","publisher":{"@id":"https:\/\/dev.forbes.ge\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/dev.forbes.ge\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/dev.forbes.ge\/en\/#organization","name":"Forbes Georgia","url":"https:\/\/dev.forbes.ge\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/dev.forbes.ge\/en\/#\/schema\/logo\/image\/","url":"https:\/\/forbes.ge\/wp-content\/uploads\/2020\/10\/forbes-georgia-logo.svg","contentUrl":"https:\/\/forbes.ge\/wp-content\/uploads\/2020\/10\/forbes-georgia-logo.svg","width":197,"height":49.39,"caption":"Forbes Georgia"},"image":{"@id":"https:\/\/dev.forbes.ge\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/forbesgeo","https:\/\/x.com\/forbesgeorgian","https:\/\/www.instagram.com\/forbesgeorgia\/","https:\/\/www.linkedin.com\/company\/forbes-georgia\/","https:\/\/www.youtube.com\/forbesgeorgian"]},{"@type":"Person","@id":"https:\/\/dev.forbes.ge\/en\/#\/schema\/person\/9c213a61473136cb946e384c80b06ae4","name":"Georgette Virgo","sameAs":["https:\/\/www.linkedin.com\/in\/tsiramua\/","https:\/\/x.com\/https:\/\/twitter.com\/DavidTsiramua"],"url":"#molongui-disabled-link"}]}},"_links":{"self":[{"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/posts\/206341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/users\/675"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/comments?post=206341"}],"version-history":[{"count":1,"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/posts\/206341\/revisions"}],"predecessor-version":[{"id":206344,"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/posts\/206341\/revisions\/206344"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/media\/206342"}],"wp:attachment":[{"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/media?parent=206341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/categories?post=206341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/tags?post=206341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}