Russian tycoon wants his superyacht back

Sergey Naumenko, who is not under sanctions, is suing the UK for unlawful seizure

Russian property developer Sergey Naumenko has filed a High Court claim against the UK’s Department for Transport (DfT), seeking to free his £38 million ($47.8 million) superyacht ‘Phi,’ which was seized by the department last year as part of Western sanctions. Naumenko is not on the sanctions list and denies any links to the Russian government.

According to the document filed on May 10, the businessman wants the British authorities to release the vessel, which has been moored in London’s Canary Wharf since the end of 2021, and is seeking undisclosed damages.

The seizure of the vessel in March 2022 was announced by the transport secretary at the time, Grant Shapps, who posted a video on TikTok calling the owner “a friend of [Russian President Vladimir] Putin,” which Naumenko has denied. The ship’s captain reportedly told Bloomberg that Naumenko had “never met Putin.” 

The 192-foot Phi features what the builders called an “infinite wine cellar,” as well as a fresh-water swimming pool.

A full hearing to decide the fate of the yacht will take place later in July.

READ MORE: Superyacht seized from Russian billionaire auctioned off

Dozens of superyachts belonging to wealthy Russians have been confiscated across the world as part of Western sanctions. Last August, a $75-million superyacht linked to sanctioned Russian billionaire Dmitry Pumpyansky was auctioned off in Gibraltar. The luxury vessel was sold for the benefit of US investment bank JPMorgan Chase, which claimed that Pumpyansky owed it more than $20 million.

The total value of Russian superyachts seized by the West is estimated at more than $4 billion, according to The Guardian.

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