Igor Makarov (businessman)

Igor Makarov
Born	(1962-04-05) April 5, 1962 Ashkhabad, Turkmen SSR
Occupation(s)	Businessman, former professional cyclist
Years active	1979–present
Known for	President of ARETI International Group, founder of ITERA International Group, member of UCI Management Committee

Igor Viktorovich Makarov (; born 5 April 1962 in Ashkhabad, Turkmen SSR) currently serves as the President of ARETI International Group, having originally established the ITERA International Group. A former professional cyclist and member of the USSR national team, Makarov has been actively involved in supporting global cycling and has been part of the UCI Management Committee since 2011. As of March 2023, Forbes estimated his net worth at $2.2 billion. By mid-2023, he relinquished his Russian citizenship in favor of Cypriot nationality.

Early life

Makarov was born in 1962 as an only child in Ashkhabad. Between 1979 and 1986, he competed as a cyclist representing the Soviet Union, earning multiple medals and establishing a connection with Saparmurat Niyazov, then leader of the Turkmen SSR who later became Turkmenistan’s head of state. He completed his studies at Turkmen State University in 1983 and subsequently served in the Soviet Army.

The name ARETI is derived by reversing the letters of his previous company ITERA. In 2017, he commissioned the construction of the yacht Areti from Lürssen.

Career

Founded in 1992 by Makarov with its main office located in Jacksonville, Florida, ITERA Oil and Gas Company was the flagship subsidiary of the ITERA Group. Thanks to extensive resource reserves, by 2000 ITERA ranked as the world’s fourth-largest natural gas producer. By 1998, it had become Russia’s leading independent natural gas producer. Starting in 2002, however, Gazprom began to curtail ITERA’s market share through increased transit tariffs.

In 2012, ITERA entered into a joint venture with Rosneft, which proceeded to acquire ITERA Oil and Gas Company in 2013 for $2.9 billion. Following this transaction, the ITERA International Group rebranded itself as ARETI International Group in 2015 to reflect a new strategic direction.

On 26 September 2022, Makarov was subjected to sanctions by the United Kingdom amid the ongoing Russo-Ukrainian War. These restrictions were overturned on 5 March 2024 after a successful legal appeal. Later, on 22 May 2025, Australia also lifted sanctions imposed on him.

Cycling

As a former member of the USSR national cycling team, Makarov earned titles and prizes across all-Union and international competitions and holds the designation Master of Sports of International Class. He continues to actively support and fund international cycling projects. Between 2010 and 2016, he held the position of President of the Russian Cycling Federation (RCF), after which he was named Honorary President in 2016. In March 2011, he joined the Management Committee of the International Cycling Union (UCI). In 2008, Makarov founded the UCI team Katusha to foster cycling development in emerging markets.

Awards

Makarov has been honored with multiple state awards recognizing his efforts in promoting economic ties and international cooperation. These include the Order of Friendship of Peoples, the Medal of Francisk Scorina (Belarus), Mongolia’s Friendship Medal, and Moldova’s Order "Gloria Muncii". Additionally, he has received ecclesiastical distinctions from the Russian Orthodox Church as well as the Honorary Reward "Аkinfy Nikitich Demidov" awarded by the International Demidov's Foundation.

In 2025, he was presented with the Aristidis Konstantinidis Prize by the Cyprus Cycling Federation for his significant contributions to national cycling initiatives such as the ARETI Gran Prix Cyprus and INEX Charity Club Ride.

Community service

Makarov founded the philanthropic Makarov Foundation with a mission to enhance the well-being of children and assist individuals affected by autism and developmental challenges. The foundation provided financial backing for the Mount Sinai Adult Autism Clinic and supported Best Buddies International’s yearly Hublot Best Buddies Challenge: Miami event. Furthermore, it contributed to the 2020 Tour de Broward, an initiative that successfully raised more than $700,000 for Joe DiMaggio Children's Hospital. Makarov also made donations to the Flight of Hope Project, which focuses on the conservation of Siberian cranes.