Igor Makarov v. Canada

Claimant

The Claimant is Mr. Igor Viktorovich Makarov, an alleged Moldovan investor in Spartan Delta, a company incorporated in Alberta.

Agreement

Agreement between the Government of Canada and the Government of the Republic of Moldova for the Promotion and Protection of Investments (Canada–Moldova FIPA).

Articles

• Article 4 (National Treatment)
• Article 5 (Most-Favoured Nation Treatment)
• Article 6 (Minimum Standard of Treatment)
• Article 10 (Expropriation)
• Article 11 (Transfers)

Damages claimed

No less than CA$350 million.

Status

Active.

Arbitration rules

International Centre for Settlement of Investment Disputes (ICSID).

Summary

Procedural history

On October 10, 2025, Mr. Makarov filed a Notice of Intent to submit a claim to arbitration. On January 14, 2026, Mr. Makarov filed a Request for Arbitration with ICSID under the Canada–Moldova FIPA. He nominated Prof. dr. S.W.B. (Stephan) Schill (German national) as his party-appointed arbitrator.

Factual overview and nature of the claim

Mr. Makarov alleges that his listing under the Special Economic Measures (Russia) Regulations, and Canada’s subsequent conduct relating to his delisting applications, have breached Canada’s obligations under the Canada–Moldova FIPA. He asserts that these measures have denied him the value of his shareholding in Spartan Delta. He seeks damages of no less than CA$350 million.

Legal documents

Additional documents related to this case can be viewed on the website of ICSID.

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