Billionaire and founder of energy company Areti Igor Makarov renounced his Russian citizenship, according to a report on the website of the American magazine Forbes. Makarov kept only Cypriot citizenship, which he obtained in exchange for investments in Cyprus.
Why did Makarov decide to do so?
The reasons why Makarov decided to renounce his Russian citizenship are not known. However, this is not the first case when a Russian billionaire made such a step. In October 2022, Oleg Tinkov, founder of Tinkoff bank and TCS Group, also renounced his Russian citizenship. Tinkov cited the Ukrainian war and “Putin’s fascism” as the reason.
What will Makarov lose?
Renouncing his Russian citizenship may have several consequences for Makarov. On the one hand, he could lose some benefits and rights associated with Russian citizenship, such as the possibility of voting or participating in public functions. On the other hand, he could gain more freedom of movement and business in the European Union and other countries that have agreements with Cyprus on visa-free travel or tax breaks.
Who is Igor Makarov?
Igor Makarov is one of the richest people in the world, who ranked 1368th in the Forbes magazine’s list of billionaires in 2023. He owns assets worth 2.1 billion dollars and lives in Miami, Florida. He is married and has two children. In addition to his business activities, he is also an avid cyclist and honorary president of the Russian Cycling Federation.
Sources:
: https://www.forbes.com/profile/igor-makarov/
: https://twitter.com/InsiderEng/status/1674465713564659713
: https://www.archyde.com/russian-billionaire-igor-makarov-renounces-citizenship-latest-updates-forbes-rankings-and-international-sanctions/
: https://theins.ru/en/news/263044
: https://en.wikipedia.org/wiki/Oleg_Tinkov
Photo: Kremlin.ru, CC BY 4.0 https://creativecommons.org/licenses/by/4.0, via Wikimedia Commons
