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The US sanctions on Russia hurt Putin's wealthy allies.

Business InsiderBusiness Insider
Phi superyacht docked in London
The superyacht is named Phi.Grace Dean/Insider
  • The UK seized a $50 million superyacht on Tuesday.

  • The dock was visited by an Insider after it was seized. The vessel was bright but not loud.

  • There were no security guards visible and Phi was easy to spot.

The UK seized a $50 million superyacht from a Russian businessman in London. The Financial Times reported that the vessel is owned by the founder of Motiv Telecom.

Phi superyacht London
The superyacht Phi in London's Canary Wharf on March 25, 2022.Grace Dean/Insider

The Financial Times has sources.

The UK transport secretary Grant Shapps said that by seizing the vessel, authorities had turned an icon of Russia's power and wealth into a clear and stark warning to Putin and his cronies. Shapps said in mid-March that the UK was investigating a small number of yachts moored in this country with suspected links to Russian billionaires.

Phi superyacht London
The superyacht Phi in London's Canary Wharf on March 30, 2022.Grace Dean/Insider

The National Crime Agency is Insider.

The yacht was docked at the quay hours after the UK announced its seizure.

Phi superyacht docked in London

The vessel had blue and yellow strip lights.

Phi superyacht docked in London

The covered ceiling of the deck had small lights that looked like stars.

Phi superyacht docked in London

With its bright lights, the vessel was far from ordinary.

Phi superyacht docked in London

The smaller boats docked nearby were not lit up.

Phi superyacht docked in London
The superyacht Phi stood out from other vessels in London's Canary Wharf.Grace Dean/Insider

I visited at 10 pm on Tuesday. There was no visible security on the deck. I was surprised that this happened because some other boats owned by Russian billionaires have been targeted by protesters.

Phi superyacht docked in London

Insider.

There were two chains that separated the dock from the footpath. These were in place along the entire footpath, and had been there since before the vessel was seized.

Phi yacht London
Thin chains form a barrier between the dock and the footpath.Grace Dean/Insider

People walked past the boat without paying attention to me. They might not have known that it was the first superyacht to be held in the UK under the sanctions against Russia.

Phi superyacht docked in London

Insider.

A tourist asked if I could take a picture of him with the yacht, which was the only other person who took an interest in Phi.

Phi superyacht docked in London
The superyacht is named Phi.Grace Dean/Insider

Benjamin Maltby, a partner at Keystone Law who specializes in superyachts, told Insider that superyachts aren't obliged to keep any lights on.

Phi superyacht docked in London

The lights may be kept on as a security measure.

Phi superyacht docked in London

The original article is on Business Insider.

  • The 192ft yacht was taken into custody in east London.

  • The $50 million Russian-owned yacht was taken away by Britain hours before it was due to leave London for a meeting of the superyacht awards, which were part of the sanctions package against Moscow. The first time the regulations have been used to detain a ship was when the Dutch-built yacht, named Phi, was held in the Canary Wharf financial district of London. The government said that the ship was owned by a Russian businessman who hid the fact that it was based in St Kitts and Nevis and carrying Maltese flags.

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