Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

The UK Government has seized a $50m (£38m) Russian-owned superyacht, called Phi, in the financial district of London.

Phi is said to be the first vessel to be impounded in British waters after the country took punitive action in light of Russia’s Ukraine offensive, reported Bloomberg.

In an emailed statement, the UK Department of Transport said that the 58.5m (192ft)-long ship belongs to an undisclosed Russian businessman.

The news agency quoted transport secretary Grant Shapps as saying that the UK’s response should provide a ‘clear and stark warning’ to Russian President Vladimir Putin ‘and his cronies’.

Shapps further noted: “Detaining the Phi, proves, yet again, that we can and will take the strongest possible action against those seeking to benefit from Russian connections.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Constructed by Royal Huisman Shipyard, the Phi superyacht can accommodate 23 guests and crew, reported Business Insider, citing SuperYacht Times.

The superyacht also features a freshwater swimming pool and wine cellar.

Meanwhile, a $75m superyacht owned by sanctioned Russian oligarch Dmitry Pumpyansky was impounded by British overseas territory Gibraltar last week.

Billionaire Pumpyansky was included in the UK and European Union lists of sanctioned individuals at the beginning of the month.

Recently, the UK also sanctioned Russian shipping company Sovcomflot, which owns a fleet of ships that transport oil and liquefied natural gas from Russia and carry cargoes from other countries.