A moored megayacht is a wasted asset, and Russian businessman Sergei Naumenko understands it better than anyone. Despite not featuring on the sanctions list, the UK detained the 192-foot motoryacht “Phi.” The unsanctioned tycoon called this the authority’s attempt to look tough and compel him to criticize the Russian regime openly. Naumenko’s lawyers bemoaned that the wrongful seizure of $50 million Phi hinders Naumenko’s rights to “peaceful enjoyment of possessions” under the European Convention on Human Rights.
On the other end, UK officials stand their ground after almost two years, stating the boat was detained as Naumenko matches the criteria of a person “connected with Russia.” “The system of patronage under President Putin’s regime means that Mr. Naumenko was unlikely to have made and retained such a level of wealth without showing loyalty and directly or indirectly benefiting from the Russian regime,” Jason Pobjoy, a lawyer for the transport department said in court documents, per Bloomberg.
Sanctioning a luxury yacht sends a signal to other super-rich Russians, and Phi became the first-ever yacht to be detained in UK waters sans sanctions. The vessel was in London for a World Superyacht Awards judging panel event in 2021. What followed was as unanticipated as shocking when the National Crime Agency hopped onboard a few hours before it was due to leave Canary Wharf.
A deprived Naumenko has been pining for his spectacular motoryacht ever since and doesn’t look anywhere close to giving up. Fed up with waiting, the property developer and food importer sued the UK’s transport department to free the vessel and is seeking undisclosed damages, according to a high court claim document.
500-tonne Phi has been docked in Canary Wharf since December 2021-
Built in 2021, Phi completed her maiden voyage in December 2021 to London following delivery, only to be seized and separated from her excited owner. The Cor D Rover-designed boat is fit for a billionaire with a freshwater swimming pool that can be covered by a flush pool cover and sealed by the touch of a button.
Other impressive aspects include a 300-bottle infinite wine cellar in the lower deck lobby, called so due to the illusion created by the interplay of mirrors. Phi sleeps 12 guests in six cabins serviced by 11 crew. The yacht goes beyond pretty and boasts a top speed of 22 knots.
