Had it not been for Vladimir Putin’s invasion of Ukraine, the £38 million superyacht Phi would be gliding through the blue waters of the Mediterranean this weekend, while its passengers enjoyed its onboard luxuries.
For a charter fee of €500,000 (£421,000) a week, guests could take advantage of its freshwater swimming pool, an outdoor cinema, black marble bathrooms and an “infinite” wine cellar.
Instead, the 192ft boat is languishing in a dock at Canary Wharf, east London, from which it has barely moved since it was boarded by officers from the National Crime Agency (NCA) in March and served with a detention notice. The yacht is the most high-profile Russian-owned asset targeted by the British government in response to the outbreak of the Ukrainian conflict.