This comes amid the crackdown on President Valdimir Putin’s oligarchs as a result of Russia’s invasion of Ukraine.

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The 512-foot Dilbar, described as Usmanov’s prized possession, was frozen by German authorities on Monday.

The vessel is at shipyards in the northern city of Hamburg where it has been for a refitting job since late October.

Dilbar was custom-built for Usmanov by German shipbuilder Lürssen and took 52 months to finish.

It is one of the world’s largest yachts by volume and can hold over 100 passengers and crew in 58 cabins.

The yacht is part of Usmanov’s multibillion pound fortune, which spans stakes in iron ore and steel giant Metalloinvest and consumer electronics firm Xiaomi, as well as holdings in telecom, mining and media.

Usmanov, an oligarch with links to Vladimir Putin, was included in the list of sanctioned individuals by the European Union.

In a statement on the website of the International Fencing Federation, of which he is president, Usmanov wrote: “On 28 February 2022 I became the target of restrictive measures imposed by the European Union. I believe that such a decision is unfair, and the reason is employed to justify the sanctions are a set of false and defamatory allegations damaging my honour, dignity, and business reputation.

“I would use all legal means to protect my owner and reputation.”

According to report filed by Daily Mail a British daily middle-market newspaper, the 68-year-old had a 30 per cent stake in Arsenal FC but sold out to American owner Stan Kroenke.

He also owns Beechwood House in the Highgate area of north London and Sutton Place in Surrey – collectively worth over £200million.