Bloomberg Business

Seize, Not Just Freeze, Russian Assets? Why That’s Hard

A few weeks after Russia invaded Ukraine in February 2022, then-UK Transport Minister Grant Shapps used TikTok to show off a 192-foot blue superyacht, the Phi, owned by a wealthy Russian businessman that the British government had just impounded at a London dock. It was a vivid display of Western sanctions designed to squeeze Russia’s economy, and Russians’ wealth. One thing Shapps couldn’t do was step on board. That’s because, by law, the UK hadn’t seized the vessel, just frozen its ownership s

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