Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

UK seizes first superyacht in British waters

UK seizes first superyacht in British waters

The UK has seized its first superyacht in British waters as part of sanctions against Russia.

The £38m yacht, named Phi, is owned by an unnamed Russian businessman.

Transport Secretary Grant Shapps said the individual was not currently sanctioned but had "close connections" to Russian President Vladimir Putin.

The UK has introduced a raft of sanctions against Russian individuals and businesses following the country's invasion of Ukraine.

The 58.5m (192ft) Phi was first identified as being potentially Russian-owned on 13 March but its ownership is "deliberately well hidden", the government said.

It added that the company the ship is registered to is based in the Caribbean islands of St Kitts and Nevis but it carried Maltese flags to hide its origins.

The Department for Transport (DfT) would not comment on why it was not naming the individual who owns the yacht.

Transport secretary Mr Shapps said the move was "a clear and stark warning to Putin and his cronies".

"The ship won't be going anywhere for the time being," he said. "People who have benefitted from [Mr Putin's] regime cannot benefit from sailing around London and the UK in ships like this."

On its website, the ship's builder Royal Huisman describes Phi - which is named after the mathematical concept also known as the Golden Ratio - as "magnificently sensuous".

The bright blue yacht features what the builders call an "infinite wine cellar", as well as a fresh-water swimming pool and penthouse apartment on the upper deck.

The ship, which was built in the Netherlands, made her maiden voyage last year.

UK officials boarded Phi in Canary Wharf, east London on Tuesday. The vessel was in the capital for a superyacht awards ceremony and was due to depart at 12:00.

Officers from the National Crime Agency boarded Phi earlier


The yacht was detained under the Russia (Sanctions) (EU Exit) Regulations 2019. The regulations say the secretary of state "may give a 'movement direction' to any 'ship owned, controlled, chartered or operated by persons connected with Russia'," according to Benjamin Maltby, partner at international law firm Keystone Law.

Yachts count as ships and a movement direction could include detaining the ship, he said.

However, he said the decision to detain a ship could be challenged under human rights law, which gives people the right to "peaceful enjoyment" of their possessions.

A successful challenge could see the owner demanding compensation, starting at the cost of chartering a similar yacht, which would be around £250,000 a week, Mr Maltby said.

"If the secretary of state has got this wrong, it could be a very expensive mistake," he added.


Analysis:

Ben King, BBC business reporter

Before the war, a superyacht, a megayacht, even a gigayacht was high on the shopping list for super-rich Russians.

Helicopter launch pads, mini-subs, swimming pools and missile defences all added to the impression of dazzling wealth and power.

But those boats are not just toys, or status symbols, but floating stores of value.

A number of Russians have sailed their ships out of EU waters, before sanctions could bite.

For instance, Roman Abramovich's two immense yachts, Eclipse and Solaris are in Turkey - safe from the sanctions imposed on him in the UK and EU.

While many of these boats have a price tag far in excess of £100m, they're relatively small compared to the total value of Russian sanctions.

But detaining them represents a symbolic blow against the ultra-rich lifestyle that Russian oligarchs once enjoyed.

It now presents European authorities with a challenge: What do you do with a confiscated superyacht that needs millions of pounds'-worth of maintenance every year to keep it seaworthy?

The DfT worked with the National Crime Agency and Border Force Maritime Investigation Bureau to identify and detain the vessel.

The department, alongside law enforcement agencies, is also looking at a number of other vessels.

The UK, US and EU have all said they will target superyachts linked to sanctioned Russians, and at least eight have been seized so far - by authorities in France, Italy and Spain.

For example, at the beginning of March French authorities seized a yacht owned by Igor Sechin, boss of Russian state energy company Rosneft.

More yachts remain on the move or moored in places that are currently beyond the reach of sanctions, including the Maldives.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Hungary Ranked Among the World’s Safest Travel Destinations for 2025
G7 Leaders Fail to Reach Consensus on Key Global Issues
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Man Convicted of Fraud After Booking Over 120 Free Flights Posing as Flight Attendant
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Beata Thunberg Rebrands as Beata Ernman Amidst Sister's Activism Controversy
Hungarian Parliament Approves Citizenship Suspension Law
Prime Minister Orbán Criticizes EU's Ukraine Accession Plans
Hungarian Delicacies Introduced to Japanese Market
Hungary's Industrial Output Rises Amid Battery Sector Slump
President Sulyok Celebrates 15 Years of Hungarian Unity Efforts
Hungary's Szeleczki Shines at World Judo Championships
Visegrád Construction Trends Diverge as Hungary Lags
Hungary Hosts National Quantum Technology Workshop
Hungarian Animation Featured at Annecy Festival
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
UK and EU Reach New Economic Agreement
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
UK and EU Reach Agreement on Gibraltar's Schengen Integration
×