The U.K. seized its first superyacht owned by a Russian oligarch Tuesday, according to the BBC. The identity of the owner was not disclosed, but U.K. Transport Secretary Grant Shapps said he was not under sanctions and was close to Russian President Vladimir Putin. The 192-foot-long yacht—named Phi after the Golden Ratio—was first suspected of Russian ownership earlier this month, but authorities said they had to investigate due to its owners being “deliberately well hidden.” “The ship won’t be going anywhere for the time being,” Shapps said. “People who have benefitted from [Putin’s] regime cannot benefit from sailing around London and the U.K. in ships like this.” The $50 million ship was supposed to depart on Tuesday after a superyacht award ceremony before authorities boarded the vessel.