The UK has seized a Russian superyacht in British waters that reportedly had shut connections to Russian President Vladimir Putin.

The 192-foot vessel, named Phi, is value 38 million euros ($42 million) and belongs to an unknown Russian businessman, however he has not been sanctioned. Transport Secretary Grant Shapps mentioned the seizure was "a transparent and stark warning to Putin and his cronies," the BBC reported.

"The ship will not be going wherever in the interim," he mentioned. "Individuals who have benefited from [Putin's] regime can't profit from crusing round London and the U.Okay. in ships like this."

The possession of Phi—aka the golden ratio, a mathematical idea—was "intentionally effectively hidden," based on the BBC. The ship had Maltese flags to hide its true origins and was registered to an organization based mostly within the Caribbean islands of St. Kitts and Nevis.

The vessel, which was in London for a superyacht awards ceremony, was scheduled to depart on Tuesday afternoon earlier than it was seized by authorities, The Guardian reported.

"Detaining the Phi proves, but once more, that we are able to and can take the strongest attainable motion towards these in search of to profit from connections to Putin's regime," Schnapps mentioned throughout a press convention.

Phi was constructed by Dutch shipyard Royal Huisman and was bought in 2018. Her first voyage was in 2021, and it's the 521st largest yacht on the planet, based on the web site Tremendous Yacht Instances.

Replace 03/29/22, 9:50 a.m. ET: This text was up to date with extra data and background.

U.K. Seizes Russian Yacht
The UK has seized a Russian superyacht in British waters that has ties to Russian President Vladimir Putin. Above, the yacht Woman M, owned by Russian oligarch Alexei Mordashov, docked within the harbor in Imperia, Italy. Italian police seized the yacht on March 5.Andrea Bernardi/ AFP/Getty Pictures