Russian businessman’s superyacht named Phi worth £38m seized in London

The superyacht had been due to appear in an awards ceremony

A £38m superyacht owned by an unnamed Russian businessman has been seized in London’s Canary Wharf as part of the UK’s crackdown against Russia over its invasion of Ukraine.

It is the first superyacht to have been detained by the government in UK waters, according to reports from the BBC.

The luxury ship is one of the largest yachts ever built by prestigious shipbuilders Royal Huisman and includes what the builders call an “infinite wine cellar” and patented fresh-water swimming pool.

The boat had been due to depart London at noon on Tuesday, after appearing in a superyacht awards ceremony.

While government have come under fire recently for not seizing Russian assets at a pace in line with the UK’s European allies, Transport Secretary Grant Shapps said Tuesday’s swift detention would send a “clear and stark warning to Putin and his cronies”.

The national crime agency have not named the Russian national who owns the ship, adding ownership of the yacht was “deliberately well hidden”, carrying Maltese flags to obfuscate its Russian origins.