A superyacht has been detained in London as part of sanctions against Russia, Transport Secretary Grant Shapps has announced.
UK officials boarded Phi - owned by a Russian businessman - in Canary Wharf, east London on Tuesday.
The vessel is the first to be detained in the UK under sanctions imposed because of the war in Ukraine.
Phi - named after the mathematical concept - made her maiden voyage last year after being built in the Netherlands.
She is 58.5 metres long and features what is described as an "infinite wine cellar" and a freshwater swimming pool.
The vessel was in London for a superyacht awards ceremony and was due to depart at noon on Tuesday.
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Mr Shapps said: "Today we've detained a £38 million superyacht and turned an icon of Russia's power and wealth into a clear and stark warning to Putin and his cronies.
"Detaining the Phi proves, yet again, that we can and will take the strongest possible action against those seeking to benefit from connections to Putin's regime."
The Phi seemed largely abandoned with just one crew member spotted on board, while boxes and bin liners full of cleaning products lay on the dock beside.
Boat mechanic, Inigo Lapwood, 28, lives on a barge in the North Quay where the superyacht has been docked since arriving in the capital on December 11.
He said: “It’s been there for around three months, it arrived here on 11 December last year.
“There’s lots of boats and yachts like that which turn up here so it’s not that unusual, it’s not even the most impressive one I’ve seen here.
“It’s just a display of wealth, when you’ve got a boat like that the only purpose is to show it off.
“There’s probably about a dozen members of crew on board, there’s six faces I regularly see. They spend most of their time just cleaning the boat, I’ve never seen the owner.”
Boat International reported that the Phi set sail from Royal Huisman's build facility in Vollenhove, Netherlands, in November.
Royal Huisman chief executive Jan Timmerman described the delivery as "a moment of great pride".
"It is also bittersweet, having to say farewell to PHI, as her creation has been part of our daily lives for several years. At the same time, we know that PHI and her shadow vessel will conquer the oceans."
The Department for Transport (DfT) said it worked with the National Crime Agency and the Border Force Maritime Investigation Bureau to identify and detain the vessel.
It refused to reveal the name of her owner, stating that he is "a Russian businessman".
The department described Phi's ownership as "deliberately well hidden".
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She is registered to a company based in the Caribbean dual-island nation of Saint Kitts and Nevis, and carries a Maltese flag.
The DfT said it is "looking at a number of other vessels" and hopes its "strong stance sends an example to international partners".
It comes after Russian oligarch Alisher Usmanov claimed he managed to dodge UK sanctions by putting his UK properties and yacht out of the law’s reach.
A spokesman for the billionaire, who has had ties to Arsenal and Everton football clubs, said most of his UK assets were transferred into trusts before Boris Johnson imposed sanctions.
Ministers sanctioned Mr Usmanov earlier this month because of his “close links to the Kremlin” as they seek to punish Russian President Vladimir Putin for waging war.
The Government said he owns Beechwood House in Highgate, north-west London, and estimated it is worth £48 million, as well as the 16th century Sutton Place estate in Surrey.
But a spokesman, quoted by the BBC and the Guardian, said most of his UK property and his yacht had already been “long ago transferred into irrevocable trusts”.
“From that point on, Mr Usmanov did not own them, nor was he able to manage them or deal with their sale, but could only use them on a rental basis. Mr Usmanov withdrew from the beneficiaries of the trusts, donating his beneficial rights to his family,” he added.
