Igor Makarov, a billionaire whose assets were frozen by the Canadian government in response to the invasion of Ukraine, attempted to get himself removed from the sanctions list by denouncing Russian President Vladimir Putin and the war in Ukraine. Makarov, worth an estimated $2 billion, condemned Putin’s actions as “outrageous,” “illegal,” and designed to “undermine the entire world order.” Despite his efforts, the Canadian government was skeptical of Makarov’s claims and rejected his application for de-listing, stating that he had not sufficiently distanced himself from Putin. Makarov has since appealed this decision in court, claiming that he was sanctioned only because of his wealth and not due to any ties to the Russian regime.
Makarov’s appeal argues that there is no requirement to publicly denounce Putin before being removed from Canada’s sanctions list. He maintains that he is not an oligarch and denies any involvement in Kremlin politics or the invasion of Ukraine. However, Canadian government documents describe him as being “surrounded by Putin’s cronies” and benefiting from deals made possible by nepotism, patronage, and family connections. Makarov was placed on Canada’s sanctions list shortly after the 2022 attack on Ukraine, as part of efforts to isolate and pressure Putin and cut off sources of revenue funding his militarism. He has since renounced his Russian citizenship and now holds a Cypriot nationality acquired through an investment-for-passports program.
The Canadian government’s decision to maintain Makarov on the sanctions list was upheld by Foreign Affairs Minister Mélanie Joly, who cited his lack of public denouncements of the Russian regime and President Putin specifically. Foreign affairs officials in Ottawa recommended that Makarov remain under sanction as “an associate of senior officials of the Russian regime.” While Makarov claims that the sanctions have caused him financial harm and reputational damage, government officials have found no public record of his support for Ukrainians. Australia and New Zealand have also sanctioned Makarov, while the United States and European Union have not.
Makarov’s attempts to be removed from Canada’s sanctions list have been met with skepticism by the government, which has cited his lack of public denouncements of the Russian regime as a reason for his continued inclusion. Despite his claims of opposition to the war in Ukraine and his fallout with the Russian government, the Canadian government has maintained its decision to keep him under sanction. Makarov’s lawyer has argued that the evidence against him is based on fabricated facts and lacks objectivity, and that he has taken steps to distance himself from the Russian regime by renouncing his citizenship and acquiring a second nationality. The ongoing dispute highlights the challenges faced by individuals seeking removal from Canada’s sanctions list and the government’s criteria for considering such requests.
