PHI: The Spectacular, Record-Breaking Superyacht Trapped by a 'PR Stunt'

After the initial wave of seizures under the current sanctions imposed against Russian oligarchs came the realization that most countries doing the seizing had no legal framework for their next step – and, for that matter, no clue as to what that might be. One year after the same overly enthusiastic and widely applauded seizures, local authorities are left with multi-million yachts they have to pay for, no way of selling them off or otherwise profiting off them, and pending lawsuits from angry owners who feel they've been turned into scapegoats for publicity.

This is the case with PHI, one of the most spectacular superyachts to come out of the Holland-based shipyard Royal Huisman and delivered to its mystery owner in 2021. PHI sailed into London in late 2021 for some minor touch-ups and was seized to great fanfare in early 2022, which means it's never left dock again. PHI is a brand-new, gorgeous, and record-breaking superyacht that's been seized by British authorities even before the owner got to enjoy it properly – and that owner is now furiously taking the government to court.

The case with PHI is different from that of any other sanctioned super- or megayacht we've ever covered. It's not because PHI is larger, more expensive, or more luxurious than these because it's not. It's not because PHI is more groundbreaking than those either, though it's still a record-setter as the world's largest superyacht in the 500 GT volume category. PHI is different because it's been seized even though its direct beneficiary (owner, in layman's terms) is not sanctioned, and neither is the vessel itself, in what has been dubbed a massive "PR stunt" by certain British politicians.

With a gorgeous design by Cor D. Rover, PHI is based on naval architect Perry van Oossanen's XL Fast Displacement Hull Form and is designed according to the Golden Ratio, which means it eschews the traditional "wedding cake" structure.

The fast displacement hull makes it highly efficient and, because of it, less polluting, but it also makes it very fast (duh), being able to easily top 22 knots (25.3 mph/40.7 kph) at full tilt. Perhaps the best part is that, even at full speed, guests are hardly aware of it; Captain Guy Booth once said they'd have to look out the window to know the vessel was moving, which is a great testament to its smooth operation and quietness of the engines.

PHI resembles a supercar in styling and design, sitting lower to the water and with a thrilling combination of curves and more aggressive lines, painted a deep blue with chrome accents. At 58 meters (192 feet) in total length, it comes with a reported price tag of $50 million. Inside, PHI is all about delivering the most zen-like experience for the owner and guests, and it makes sense for it to be so since the same owner was directly involved in the build. Cruising on PHI is an organic and deeply connected experience, the shipyard says.

Cruising on PHI is also a very rich experience in the most literal sense. Amenities include an oversize freshwater pool based on a patented design that allows its use as a sports area, thanks to the sealed tank. At the touch of a button, the area becomes a ready-to-use pool in under 5 minutes because a system of heating and treating the water also works overnight, which means staff don't have to empty the tank when it's not in use.

Another unique feature available onboard is something called an "infinity wine cellar," though what this entails exactly has never been disclosed to the media. PHI was delivered with a custom shadow yacht designed to match it in styling and color and appropriately named PHI Phantom. Built by Alia Yachts, PHI Phantom measures 118 feet (36 meters) and carries two large tenders, a sailing boat, six jet skis, a car, bicycles and motorcycles, spare parts, fuel supplies, and "a vast amount of storage and refrigeration."

PHI may be an incredible yacht with incredible amenities (and it sure is that), but none of it is helping it right now. It's been trapped in London's Canary Wharf for a year with no clue as to when it might be set free. Former transport minister Grant Shapps, who spearheaded the arrest, made a point of saying that it was the UK's way of fighting back against the money-grabbing Russian oligarchs who were funding Putin's war. Yet neither property developer Sergei Naumenko nor telecom boss Vitaly Vasilievich Kochetkov, reported owners of PHI, were (or are now) under any sanctions.

Naumenko has now stepped forward to say he's the direct beneficiary of the vessel and to sue the UK government for the seizure. In a document dated May 10, he's asking for his boat back and damages for the unlawful seizure. A subsequent court date has been scheduled for July to determine whether he's entitled to either. He's not the first Russian oligarch to sue or otherwise legally attempt to recover a seized asset, but he's the first – and only, as of the time of press – Russian oligarch to be in such a position without being sanctioned, either himself or the asset that's been seized.

PHI is not just a record-breaking beauty. It's also a vessel sailing unprecedented and very murky legal waters.