Igor Makarov is the founder of Itera, historically Russia’s first independent gas company, and he chairs the Areti international group. In 2023 he reportedly relinquished Russian citizenship, a claim noted on Forbes’ profile of him.
Forbes lists Makarov with a fortune of about 2.1 billion dollars, placing him at number 1468 on the global list of billionaires.
His wealth primarily comes from investments in Western markets. After launching certain operations in Ukraine, Makarov faced sanctions from Great Britain, Australia, Canada, and New Zealand in response to those actions.
Reports in Kommersant indicate that Makarov did not publicly declare renunciation of Russian citizenship. He is described as still holding Cypriot citizenship, a status he secured through a golden passport program in 2020.
Later, the Cypriot government’s renewed scrutiny over passport-for-investment schemes led to Makarov’s name appearing on a list of Russians and Ukrainians tied to the 2008-2012 program, a document once classified and later published by the Policy newspaper.
In Forbes’ American edition, Makarov is identified as a Cypriot billionaire, ranking fifth among Cypriot megayear wealth holders. By 2023 he was listed as the 57th richest individual in Russia.
Born in Ashgabat in April 1962, Makarov earned a degree from Turkmen State University. He founded Itera in 1992, a company that expanded to gas production in the Yamalo-Nenets Autonomous Okrug from 1998 onward.
He exited Itera in 2013 and later established Areti, a company registered in Cyprus in 2015. The narrative of his business trajectory covers a shift from gas development to broader international investments and holdings.
In the wake of broader geopolitical developments, a number of high-profile investors associated with the Forbes list have announced changes to their citizenship statuses. Notable names include Timur Turlov, Ruben Vardanyan, Yuri Milner, Nikolai Storonsky, and Oleg Tinkov, reflecting a wider trend among wealth holders in relation to national affiliations.