The superyacht, known as Phi, was boarded by UK authorities in Canary Wharf
A superyacht believed to be owned by a Russian businessman has been seized by UK authorities, Grant Shapps has confirmed.
The superyacht, known as Phi, was boarded by UK authorities in Canary Wharf, where it was docked on Tuesday.
The Transport Secretary said the yacht is reportedly valued at £38million and had been in London for an awards ceremony.
The 58.5 metre vessel contains a freshwater swimming pool and a wine cellar and was due to leave at 12pm.
Mr Shapps said: “Today we’ve detained a £38 million superyacht and turned an icon of Russia’s power and wealth into a clear and stark warning to Putin and his cronies.
“Detaining the Phi proves, yet again, that we can and will take the strongest possible action against those seeking to benefit from connections to Putin’s regime.”
The Department for Transport (DfT) said it worked with the National Crime Agency and the Border Force Maritime Investigation Bureau to identify and detain the vessel.
The name of the Russian businessman linked to the yacht is unknown but the vessel is believed to be registered to a company based in Saint Kitts and Nevis.
The DfT said it will look into more vessels to detain as part of the UK’s sanctions programme against Russian businessmen with links to Vladimir Putin.
Mr Shapps added: “Now the ship is being held, it won’t be going anywhere.
“It was here for refit, won’t be going anywhere, and it’s just another indication that we will not stand by whilst Putin’s cronies are allowed to sail around the world in these kinds of yachts and people in Ukraine are suffering.
“When you see what he’s doing to Ukraine, when you see what he’s doing to people’s lives, it can’t be right to have a yacht like this here in London, able to just sail away and that is why we’ve impounded it, and denied it ability to go anywhere right now, and it’s another indication of how seriously we take these matters.”
The Government has now sanctioned more than 1,000 individuals and entities following the invasion of Ukraine.
Among those most recently sanctioned were individuals linked to the Wagner Group, a mercenary organisation and Polina Kovaleva, the Russian foreign minister Sergei Lavrov’s stepdaughter, who reportedly owns a £4m house in London.