Igor Makarov

Makarov has built a distinguished career spanning the worlds of sport, business, and philanthropy.

Athletic Background

Mr. Makarov graduated from Turkmen State University in 1983 and competed internationally as a cyclist from 1979 to 1986, representing the USSR national team. He earned the title of International Master of Sports and won numerous national and international championships before retiring from professional cycling in 1986.

Business Career

Following his athletic career, Mr. Makarov transitioned into business, beginning with a small consumer goods enterprise. 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 focused on healthcare, children’s welfare, social inclusion, and cultural enrichment. His notable contributions include:

• Mount Sinai Medical Center (Miami Beach): Funded the opening of the Adult Autism Clinic in 2017. • Support for children with disabilities: Backing organizations such as the Downside Up Foundation and the Books for Visually Impaired Children Fund. • Louvre Abu Dhabi (UAE): Igor Makarov is a donor to this landmark UAE–France cultural partnership, which brings together diverse cultures to highlight the shared stories of humanity. • Charitable organizations: Ongoing support for Best Buddies International, His House Children’s Home, Make-A-Wish, Fundación Niños del Sol, and others.

Passion for Cycling

A lifelong advocate for the sport that shaped his early years, 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 of Team 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 Union Européenne de Cyclisme (UEC). • Sponsorship of community and charity events like Tour de Broward and the Hublot Best Buddies Challenge: Miami. • Promotion of cycling in Cyprus through funding events such as the ARETI Gran Prix Cyprus and other local charity rides under the Cycling for All Movement.

In 2025, he was awarded the Aristeidis Konstantinidis Award in recognition of his outstanding contributions to the development of cycling in Cyprus.

Igor Makarov is a citizen and tax resident of Cyprus. He continues to focus on socially responsible investment, innovation, and charitable impact through the work of ARETI International Group and his ongoing personal initiatives.