Oligarch Loses Battle Over His $48 Million Brand-New Superyacht Detained in the UK

The invasion of Ukraine and the international sanctions that followed had an enormous impact on the pleasure craft owned by wealthy Russians with alleged connections to Kremlin. Things have simmered down this year, but the battle is far from over. The owner of one of these detained superyachts refuses to let go of his luxurious pleasure craft.

At the end of 2021, the acclaimed Royal Huisman builder proudly announced the delivery of one of its most spectacular superyachts so far, the stunning Phi. Pairing a 192-foot (58.5 meters) length with a volume under 500 GT, Phi claimed to be the world's longest motor yacht in this weight category.

Some of the highlights of the freshly-launched vessel included a fuel-efficient fast displacement hull designed by the legendary Van Oosanen naval architects, a fabulous owner's penthouse covering an entire deck, a sustainable swimming pool (designed to turn into a sealed tank so that the water can be treated overnight with no other equipment), and a spectacular exterior lighting system based on laser (instead of LED).

Nobody could have suspected that just a couple of months later, the opulent pleasure craft would be seized in London. The hunt for oligarch-owned vessels was in its early stages, and Phi became the first of its kind to be detained in British waters. UK officials linked it to the Russian tycoon Sergei Georgievich Naumenko, a property developed who wasn't featured on the official sanctions list.

As it happened with several other infamous superyachts that were seized on similar grounds, Phi's actual ownership was carefully hidden behind a misleading paper trail. This sparked a long and complicated legal battle. Naumenko was one of the few targeted tycoons to officially deny any connections to Vladimir Putin and try to recover their seized assets.

The ruling was, however, not in favor of the superyacht's original owner. London's High Court recently dismissed Naumenko's appeal, confirming that UK's anti-kleptocracy unit in the Canary Warf, East London was right to seize Phi due to its owner's "connection with Russia."

Unlike other oligarchs who infamously tried to hide their superyachts from the authorities, literally running away towards potential safe havens, Naumenko had a double dose of bad luck.

First, because Phi was detained in London just a few hours before it was supposed to depart. Secondly, because he'd only had it for a couple of months. This wasn't one of the famous Russian superyachts that were known all over the world for their incredible opulence and value. Phi was a young yacht that barely hit the water. Still, it was considered an immensely valuable asset, estimated at $48 million.

Naumenko isn't giving up on his pleasure craft yet. Even after this unfavorable result, he is determined to continue the legal battle and file another appeal.