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Former Oligarch Makarov Challenges Canada’s $145M Sanctions

10/22/2025

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Summary

Story summary

Igor Makarov, a former Russian oligarch, challenges Canada’s sanctions that have frozen over $145 million of his assets since February 2022.
On October 10, his lawyers informed Global Affairs Canada of their intent to seek international arbitration, alleging Canada violated a Moldova investment treaty.
Makarov renounced his Russian citizenship in 2023.
Britain and Australia have removed him from their sanctions lists.
Makarov is appealing the earlier Canadian court decisions that dismissed his challenges.

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Story summary

Igor Makarov, a former Russian oligarch, challenges Canada’s sanctions that have frozen over $145 million of his assets since February 2022.
On October 10, his lawyers informed Global Affairs Canada of their intent to seek international arbitration, alleging Canada violated a Moldova investment treaty.
Makarov renounced his Russian citizenship in 2023.
Britain and Australia have removed him from their sanctions lists.
Makarov is appealing the earlier Canadian court decisions that dismissed his challenges.