Cornwalls successfully secures the delisting of Igor Makarov from Australia’s consolidated sanctions list

23 May 2025

Cornwalls successfully secures the delisting of Igor Makarov from Australia’s consolidated sanctions list

Subsequent to the Russian Invasion of Ukraine in February 2022, the Australian Government, along with many of its international counterparts, has sought to impose sanctions upon individuals alleged to be engaging in activities or performing functions of economic or strategic significance to Russia.

On 7 April 2022 the Australian Government, through the Department of Foreign Affairs and Trade, sanctioned Mr Makarov, a Cyprus based businessman and philanthropist, on the alleged basis that he was engaging in business activities in the Russian energy sector. Mr Makarov has long denied these allegations.

Cornwalls is pleased to announce that on 22 May 2025, following the Department’s consideration of detailed submissions that Cornwalls had made to it, challenging the legal basis of Mr Makarov’s sanctions, the Minister for Foreign Affairs resolved to revoke Mr Makarov’s sanctions, with immediate effect.

We congratulate Mr Makarov on this decision, which has vindicated his long-held position.

Mr Makarov was represented by Matthew Kennett, Partner, and Sam Hagan, Senior Associate, of Cornwalls, as well as Sebastian Hartford Davis and Daniel Reynolds, of Counsel.