Igor Makarov
Founder of ARETI International Group in Cyprus
Igor Makarovis a Cyprus-based entrepreneur, philanthropist, and former world-class athlete.
Business Career
In 1992, he founded ITERA International Group of Companies, headquartered in the United States and Cyprus.
Throughout the 1990s and early 2000s, ITERA became a leading private supplier of natural gas from Turkmenistan to Ukraine, Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Latvia, Lithuania, Moldova, and Uzbekistan – contributing to the revitalization of their economies, and establishing affiliated companies in each of these countries.
From 2002 to 2013, ITERA was active in gas production within Russia, supplying the domestic market.
In 2013, Mr. Makarov sold ITERA and its Russian oil and gas assets to the state-owned company Rosneft. This marked a strategic shift: he exited the Russian market and redirected his focus toward new ventures on a global scale.
In 2015, he founded ARETI International Group, a Cyprus-based holding company with operations across Western Europe, North America, and the Middle East. Today, ARETI invests in a range of sectors, including energy, and maintains an active commitment to social and charitable causes. The Group has no business interests in Russia.
Philanthropy and Social Impact
Igor Makarov is a committed philanthropist who supports a wide range of initiatives:
- Mount Sinai Medical Center (Miami Beach): Funded the opening of the Adult Autism Clinic in 2017.
- Igor Makarov is a donor toLouvre Abu Dhabi (UAE).
- Charitable organizations: Best Buddies International, Make-A-Wish,etc.
Passion for Cycling
Mr. Makarov has been instrumental in promoting cycling and healthy lifestyle globally. He has served as a Member of the UCI Management Committee since 2011, and was the founder and principal sponsor ofTeam KATUSHA, a Swiss-registered professional cycling team that competed in the UCI World Tour from 2008 to 2019.
His support for cycling extends to:
- Funding for the UEC.
- Charity events like Tour de Broward and the Hublot Best Buddies Challenge: Miami.
- Promotion of cycling in Cyprus (ARETI Gran Prix Cyprus and other local charity rides).
In 2025,he was awarded the Aristeidis Konstantinidis Awardin recognition of his outstanding contributions to the development of cycling in Cyprus, where he is a citizen and tax resident.