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The 58-metre motor yacht Phi faces its third Christmas in London, banned from quitting the capital because its case has slipped between the cracks of various government departments. I interviewed the yacht’s captain, Guy Booth, recently for our BOAT Briefing podcast and his frustration was naked. The yacht is about to fall out of class and badly needs to be hauled out. Phi was detained under broad sanctions regulations, yet its owner, Sergei Naumenko, has never appeared on a sanctions list. Last year, a judge acknowledged in a UK court that Naumenko “holds no political or administrative position in Russia, has never engaged in any form of political activity, and has never had any connections of any kind with President Putin”. Meanwhile, he is free to operate his other boats for charter and personal use in EU waters. So why is Phi detained in London, still unfinished and slowly degrading dangerously into the still waters of the Docklands? Arresting yachts may have been a good look in 2022, but plenty of jurisdictions are now experiencing seizers’ remorse. Worse, the UK taxpayer faces a hefty bill if Phi’s owner is successful in a claim for lost earnings. What a mess. How much income in provisioning, bunkering, servicing and maintaining have various economies lost by Phi being stuck in its London stasis? Plenty. Jobs too. I hope Guy and his team get their Christmas wish and are released from captivity, but I’m not hopeful – and nor, it seems, is he. You can listen to our interview on Spotify or Apple Podcasts.
Stewart Campbell
Editor-in-chief