Sanctions against Russian oligarchs
The super yacht “Phi” went to London for an award ceremony, now it has been confiscated
Currently confiscated: The super yacht “Phi”, which, according to the Financial Times, belongs to the Russian businessman Vitaly Vasilyevich Kochetkov.
© Dan Kitwood / Getty Images
Great Britain reports its first confiscated yacht: In the heart of the Docklands, officials set the blue “Phi”, which had actually only come for the “World Superyacht Awards”. However, it is not entirely clear whether this was legal.
On Tuesday, British police officers confiscated the super yacht “Phi” (IMO 9867748), who was about to leave town. She was actually in London to take part in a voting round for the “World Superyacht Awards”.
The ship, which is said to have a purchase price of 50 million US dollars, is no longer allowed to leave its berth because of the sanctions against Russian businessmen and oligarchs. According to the government, the “Phi” belongs to a “Russian businessman who intentionally concealed ownership of the yacht”. However, the authorities did not give a name.
Owner is not officially named
Grant Shapps, Britain’s transport secretary, said: “Today we seized a £38m superyacht, turning an icon of Russia’s power and wealth into a clear and unequivocal warning to Putin and his cronies.” Since March 13, attempts have been made to identify the owner and, once the research has been completed, confiscation has been initiated.
However, it is questionable whether it will stay that way. According to the Financial Times, the “Phi” belongs to Vitaliy Vasilyevich Kochetkov. Kochetkov is the founder of the Russian mobile operator Motiv Telecom, a regional provider in the Ural Federal District. The businessman is currently not on any sanctions list and is not yet known to be close to Putin. On the contrary: Russian media reports that proceedings for suspected tax evasion were opened against him and his company in early 2021.
mailboxes and tax benefits
Like all yachts, the “Phi” is not registered directly to an individual. The ship is officially operated by a company in Saint Kitts and Nevis, an island country in the Lesser Antilles in the eastern Caribbean, and sails under the Maltese flag.
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This is not unusual – Malta has one of the largest shipping registers in the world. This primarily has tax advantages, but also affects the applicable labor law on board, which in turn enables savings on any wage payments and simplifies recruitment processes.
The British government sees things differently, alleging intentional concealment of the owners. A government source told the Financial Times: “The ownership of many of these ships and private planes is hidden in shell companies or disguised by fake owners. It’s the oligarchic equivalent of the Russian Matryoshka doll – where each layer obscures another, and then another.”
A member of the crew described the seizure as “idiotic”. Transport Minister Shapps assumes the person “needs attention”. It remains to be seen how the “Phi” will continue. If the owner is not subject to sanctions, the ship should actually be allowed to sail again.
Also read:
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swell: Reuters, Financial Times, NCA