Frozen Yacht Sanctions UK: The Phi Case in London - How the world’s most elegant 59-m yacht became a floating paradox moored in London’s fog

She was built to conquer the sea. Sleek, powerful, and endlessly refined, Phi was meant to glide through the world’s most exclusive marinas, not languish behind a police cordon at Canary Wharf, now a frozen yacht under sanctions.

In March 2022, just days after her delivery, the yacht was seized under the UK’s sanctions regime. Since then, this floating jewel has become a static symbol of legal gridlock and geopolitical symbolism. Her engines cold, her hull once immaculate, her future uncertain.

Royal Huisman

29 March 2022 – M/Y Phi in London: a dramatic twist on the docks of Canary Wharf

When Phi entered British waters in March 2022, she did not expect to become a political celebrity.

It was her maiden voyage, or almost: freshly delivered by Royal Huisman, the yacht arrived in London for a prestigious event. She was scheduled to participate in the Superyacht London Show, held in the heart of the Canary Wharf business district (The Guardian). 

But more than anything, Phi was there for far more logistical and trivial reasons: to refuel (60,000 liters), complete final provisioning, and embarking part of the crew.

In short: Phi was making her official debut into the international yachting scene. With her cutting-edge design and razor-sharp lines, she was turning heads on the Thames, far from blacklists and suspicion.

A HIGHLY PUBLICIZED INTERVENTION

On 29 March 2022, while the yacht was moored in one of the most heavily monitored areas of the UK, the authorities stepped in.

No dramatic boarding. Just an administrative notification posted under the Sanctions and Anti-Money Laundering Act 2018.

The next day, Minister Grant Shapps took the media stage in a high-profile sanction’s announcement: 

“Phi is owned by a Russian businessman and is now frozen - this magnificent £38 million superyacht won’t be going anywhere.”

And just like that, Phi - dazzling, brand new - was transformed into a politically symbolic asset, taken in the context of the UK’s sanctions strategy.

WHO OWNS M/Y PHI ? A DOUBLE IDENTITY

Officially, M/Y Phi is owned by Sergei Naumenko, a Russian real estate entrepreneur. He is the individual targeted by British authorities when the yacht was immobilized in London in March 2022 (Financial Times).

He is also the one who has filed several appeals before UK courts, arguing that he is neither sanctioned nor close to the Russian regime, and that the seizure of Phi was nothing more than a “media stunt.”

But the story doesn’t end there. Behind this name, several journalistic sources (including the Financial Times, OCCRP, and Superyacht Fan) point to another figure: Vitaly Vasilievich Kochetkov, a Russian telecoms tycoon and founder of Motiv Telecom in the Urals. A discreet but influential profile, experienced in offshore ownership structures and luxury assets. He is also identified as the owner of the yacht Aurelia.

This ambiguity reveals a structured ownership strategy: 

• Sergei Naumenko appears as the registered owner, the name on the paperwork and the one leading the legal fight. 

• Vitaly Kochetkov, meanwhile, is said to be the ultimate beneficial owner, the “real owner,” acting through offshore companies. 

• In this case, a company registered in Saint Kitts and Nevis: Portsmouth Maritime.

In other words, Phi has two faces: one for the courts, and another for the economic reality. This dual ownership model creates a procedural challenge for Western jurisdictions, especially for seizure procedures.

ARE THEY SANCTIONED?

Sergei Naumenko?

Not sanctioned by the UK, the EU, or the United States. He is regarded as a non-listed Russian national, precisely the heart of his legal argument against Phi’s immobilization in London. He claims not to be close to the Kremlin and denies any ties to strategic Russian entities. 

Result: Officially “clean,” making the seizure of Phi legally fragile and politically controversial.

Vitaly Vasilievich Kochetkov?

Also not sanctioned to date by any Western authority. Yet his profile is opaquer and more sensitive: 

• Former CEO of a regional telecom operator (Motiv Telecom), 

• Experienced in offshore setups, 

• His name regularly appears in Russian luxury asset cases (Aurelia, Phi, London real estate...).

But to date, there is no public evidence to justify sanctions.

A TWO-HEADED YACHT

Visible to the law under Naumenko’s name, formally unlinked through public registries from Kochetkov’s corporate presence.

This ambiguity, typical of oligarchic asset structures post-2022, perfectly illustrates the limits of the UK’s sanctions doctrine: Immobilizing an asset, yes; reaching the real owner, no. 

And that’s legally inconsistent. Yet Phi remains there, under the spotlight, in one of Europe’s most visible ports, the perfect symbol.

THREE YEARS LATER, STILL NO ANSWERS

Captain Guy Booth, responsible for the management of Phi, has repeatedly sounded the alarm, both publicly and through official channels. His words, as relayed by SuperyachtNews, strike a sharp note:

“The decision to maintain (Phi’s) detention was based on the government recommendation to seek further evidence. They’ve had three years to gather that evidence and they have nothing.” 

While this quote reflects Captain Booth’s frustration, the UK authorities maintain that ongoing investigations are necessary before lifting the seizure.

In short, Phi had the misfortune of being too beautiful, too new, too Russian. And in the wrong place at the wrong time.

Photo Superyacht Times

COMPROMISED MAINTENANCE & THREATENED CLASSIFICATION : A JEWEL AT RISK

Far from specialist shipyards and the temperate waters she was built for, M/Y Phi is now trapped in the cramped urban dock of East London, hardly suitable for wintering a 58.5-metre vessel. Immobilized since March 2022, the ultra-modern yacht designed by Cor D. Rover and built by Royal Huisman is slowly suffering the effects of prolonged inactivity.

Lacking authorization to relocate, Phi could not be transferred to Southampton as initially planned for her annual classification inspection.

Result: the vessel’s classification has now lapsed, making her officially unseaworthy under Lloyd’s Register standards (YachtsNL).

This loss of class triggers a domino effect: suspended insurance, invalid certification, and above all, serious technical and environmental risks.

In practice, this means that in case of damage - fire, pollution, theft or sabotage - no compensation can be claimed. The yacht now drifts in a legal and technical void.

Among the incidents reported: 

• Several electrical fires in onboard control cabinets

• Faulty fire safety systems

• Malfunctioning fire doors

• Persistent humidity in the bilges causing slow but ongoing degradation of onboard systems and materials

More worryingly, around 60,000 liters of fuel remain on board, with no clear protocol in case of leakage or accident. In such a confined environment as Canary Wharf, even a minor incident could trigger an environmental disaster in the heart of London.

As for registration, Phi remains listed under a shell company domiciled in Saint Kitts and Nevis, flying the Maltese flag, reinforcing confidentiality and limiting British authorities’ ability to act.

This legal complexity contributes to the current stalemate: 

• No officially designated owner

• No clear management authority

• No suitable legal framework

From an asset-management standpoint, this situation creates a double risk: 

• Wear and loss of value due to immobilization

• Possible claims for compensation if the owner proves that no formal legal measures were taken

FRANCE vs UK : TWO SEIZURES, TWO APPROACHES

Meanwhile, in France, M/Y Stefania, another marvel of Van Oossanen’s architects, seized one year after Phi, has already been sold at auction, in perfect maintenance conditions.

ROYAL HUISMAN : EXCELLENCE AGAINST JUDICIAL INEFFICIENCY

Built at the Vollenhove yard and delivered in winter 2021, Phi is a technological jewel by Royal Huisman, the world-renowned Dutch shipyard specialized in ultra-large sailing yachts.

With Phi, Royal Huisman made a noteworthy entry into the motor yacht market, offering a perfect synthesis of performance, futuristic design, and artisanal excellence.

For the yard, this project was a flagship in terms of innovation and global prestige. Interior design by Lawson Robb, exterior styling by Cor D. Rover, cutting-edge engineering... Phi was supposed to usher in a new era in custom yacht construction.

But the dream quickly turned into a nightmare. Since then, Royal Huisman has remained publicly silent, avoiding comment on the vessel’s fate.

That silence, while likely aimed at shielding the yard from diplomatic or legal fallout, comes at a price: the image of both the yacht and Royal Huisman has been weakened.

Seeing such a flagship decay in a city basin, with no clear plan for restitution or resale, casts a shadow over post-delivery support and shipyard follow-through.

Many in industry are asking: Can a shipyard of this caliber stand idly by while one of its crown jewels is left abandoned to time and geopolitics?

The Phi case also underscores the limits of the ultra-confidential contract model that governs high-end yachting. In shielding buyers’ discretion, some shipyards now find themselves exposed to repercussions beyond their control.

PHI : AN ACCIDENTAL ICON OF A NEW GLOBAL CHALLENGE

M/Y Phi is not just a yacht immobilized in a London port. She is a glaring symbol of the geopolitical, legal, and technical stakes we now face.

Behind her futuristic lines and cutting-edge technology lies a complex reality: a valuable asset trapped in an administrative, legal, and diplomatic maze.

But this situation, however frustrating, is not hopeless. On the contrary, it reveals the urgent need for a clear, strategic vision, coordinated across states, European institutions, and yachting professionals.

It’s time to awaken Phi from her limbo, to restore her asset value and, above all, to rebuild trust in the responsible and transparent management of seized property.

This challenge calls for a collective effort: legal rigor, technical expertise, and political courage.

Because beyond titles and courtrooms, what’s truly at stake is Europe’s credibility: a strong, coherent Europe, capable of upholding its principles while protecting its industrial gems.

It is no longer just a question of one yacht. It is the credibility of a whole system that now hangs in balance.

Phi must become once again what she was meant to be: a jewel of maritime innovation and a symbol of excellence.

Contact

Emmanuelle VOTAT - Judicial Yacht Asset Manager (France) - Specialist in Seized Maritime Assets – ev@yachting-legal-auction.com

Frozen Yachts & Sanctions : 𝗟𝗮𝗻𝗱𝗺𝗮𝗿𝗸 𝗷𝘂𝗱𝗴𝗺𝗲𝗻𝘁 𝗶𝗻 𝘁𝗵𝗲 𝗨𝗞: 𝗣𝗵𝗶’𝘀 𝗱𝗲𝘁𝗲𝗻𝘁𝗶𝗼𝗻 𝗿𝘂𝗹𝗲𝗱 𝗹𝗮𝘄𝗳𝘂𝗹, 𝗱𝗲𝘀𝗽𝗶𝘁𝗲 𝗶𝘁𝘀 𝗼𝘄𝗻𝗲𝗿 𝗻𝗼𝘁 𝗯𝗲𝗶𝗻𝗴 𝘀𝗮𝗻𝗰𝘁𝗶𝗼𝗻𝗲𝗱 Read the up-date post on LinkedIn

This article is based on publicly available facts, verifiable data, and an independent legal and strategic analysis. It does not, under any circumstances, constitute a definitive statement regarding the guilt or innocence of the individuals or legal entities mentioned, but rather forms part of a general-interest reflection on the management of frozen or seized assets in a complex geopolitical context. Any correction or right of reply may be submitted through the appropriate official channels and will be given due consideration. The author acts in full independence and in compliance with the right to information and the duty of professional restraint.