Nathan Reynoso 
14 April 2025
[Linden, VA] – Crude Accountability releases a new report, “Dictators & Dealers: The Unlikely Story of Igor Makarov,” which tells the shadowy story of a former Soviet athlete from Turkmenistan turned Cypriot billionaire.Igor Makarov’s rise to the world’s top 1% follows the flow of dark money and its enablers not only in the repressive, authoritarian environments of Turkmenistan and Russia, but in Western countries as well.
This report untangles the intricate web of Makarov’s companies — a financial empire marked by dodgy deals, organized criminals, dictators, and lavish gift-giving. It also describes Makarov’s efforts to lobby the US Department of State and hobnob with the ultra-wealthy in the professional cycling world.
“Igor Makarov’s story is an unlikely one, yet it is also one that has become far too familiar in the United States and around the world,” comments Crude Accountability’s Research Coordinator, Jeffrey Dunn. “Too often, corrupt individuals, criminals, and those who abuse the system shield their ill-gotten wealth in the US and other Western nations with few or no repercussions. Those same people trade money for power, corrupting the system—engaging in and benefiting from kleptocracy. Our report details the activities of Makarov, a dodgy dealer and billionaire who has been sanctioned by several US allies, but not by the US government. The failure to hold men like Igor Makarov accountable sets a clear example: principles and the rule of law too often take a back seat to wealth and power. Enabling dodgy dealers strengthens corruption and kleptocracy everywhere.”
At this time, the US has still not sanctioned Makarov, despite his deep connections to the Russian energy sector, which is fueling the war in Ukraine.
This report is the second in a series by Crude Accountability that sheds light on dodgy figures from Eurasia whose activities are facilitated by Western institutions failing to effectively monitor questionable financial and economic dealings.
Read the report HERE.
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Crude Accountability is an environmental and human rights non-profit organization that works with communities in the Caspian and Black Sea regions, which struggle against threats to local natural resources and negative health impacts. Crude Accountability works on the local, national, regional, and international levels in partnership with communities and organizations committed to a just and environmentally sustainable world. Based in Northern Virginia, Crude Accountability also collaborates with other environmental organizations in the United States.
For more information, please contact: Jeffrey Dunn, jeffrey@nullcrudeaccountability.org