Superyacht worth £38million detained in Canary Wharf as Russian sanctions continue

The Phi in Canary Wharf
The Phi in Canary Wharf

The boat, which is owned by a Russian businessman, was detained in Canary Wharf

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A £38m superyacht has been detained in London as part of the UK's ongoing sanctions against Russia.

Officials from the National Crime Agency (NCA) boarded Phi, a vessel owned by a Russian businessman, in Canary Wharf, east London on Tuesday.

Transport Secretary Grant Shapps, said: “Today we’ve detained a £38m 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 Russian connections.”

The vessel is the first to be detained in the UK under sanctions imposed because of Vladimir Putin's ongoing invasion of Ukraine.

It measures 58.5 metres long and features an “infinite wine cellar” and a freshwater swimming pool.

Andy Devine, from the NCA, said: “Today’s activity demonstrates the NCA’s ability to react at pace. We have surged officers to establish the Combatting Kleptocracy Cell, and the results of this are already bearing fruit.

“The NCA plays a vital role in targeting suspect assets, pursuing enablers of illicit wealth and supporting government partners in the delivery of the response to the Russian invasion of Ukraine.”