The UK has seized its first superyacht in British waters as part of sanctions against Russia.
The £38m yacht, named Phi, is owned by an unnamed Russian businessman, but the government said its ownership is "deliberately well hidden".
Mr Shapps said it belonged to a Russian oligarch with "close connections" to Russian President Vladimir Putin, although he said the individual was not currently sanctioned. UK officials boarded Phi in Canary Wharf, east London on Tuesday. The vessel was in the capital for a superyacht awards ceremony and was due to depart at 12:00.Before the war, a superyacht, a megayacht, even a gigayacht was high on the shopping list for super-rich Russians.
While many of these boats have a price tag far in excess of £100m, they're relatively small compared to the total value of Russian sanctions.
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