The London P&I Club is the trading name of The London Steam-Ship Owners' Mutual Insurance Association Limited and its subsidiary The London P&I Insurance Company (Europe) Limited. The London Steam-Ship Owners' Mutual Insurance Association Limited. Registered in England No 10341. Registered Office: 50 Leman Street, London, E1 8HQ. The London P&I Insurance Company (Europe) Limited, a private limited liability company registered in Cyprus, No HE410091. Registered Office: Esperidon 5, 4th Floor, Strovolos, 2001, Nicosia. 12 October 2022 TO ALL MEMBERS Dear Sir or Madam Ukraine – EU Sanctions – EU adopts Eighth Package of Sanctions against Russia On 6 October, the EU adopted an eighth package of sanctions in response to Russia’s continued military aggression against Ukraine. A number of Regulations and Decisions were published (full details of which can be found here) but of particular significance for Clubs and their Members is Council Regulation (EU) 2022/1904 (“the Regulation”) which further amends Council Regulation 2014/833. As well as imposing an asset freeze on a number of new individuals and entities, the Regulation contains the following provisions of particular relevance to shipping: Russian Maritime Register of Shipping The Russian Maritime Register of Shipping has been added to the list of Russian state-owned entities as listed in Annex XIX of the Regulation and subject to the restrictions under Article 5aa. EU entities are consequently prohibited from directly or indirectly engaging in any transaction with the Russian Maritime Register of Shipping, but there is a wind-down period until 8 January 2023 to allow for the execution of any contracts entered into before 7 October 2022 or any ancillary contracts necessary for the execution of those contracts. Furthermore, vessels certified by the Russian Maritime Register of Shipping cannot call at EU ports after 8 April 2023 in accordance with Article 3ea. Expansion of Prohibitions on Iron and Steel Products The list of iron and steel products as set out in Annex XVII where transport to any country, including non-EU states, is prohibited in accordance with Article 3g has been significantly expanded. New restrictions have also been added which prohibit from September 2023 the import or purchase of iron and steel products listed in Annex XVII which have been processed in a third country but contain iron and steel of Russian origin. - 2 All these provisions include a prohibition on EU entities providing insurance and reinsurance services. Members are therefore reminded that as a consequence, even if a Member is not directly impacted by the Regulation (because, for example, they are domiciled outside the EU), the Club may not be able to provide cover for engaging in these activities. There are additional exemptions and derogations relating to certain iron and steel products. Lists of Products The lists of prohibited products which generate significant revenue for Russia (Article 3i) as listed in Annex XXI and those which could contribute to the enhancement of Russia’s industrial capacity (Article 3j) as set out in Annex XXIII have both been significantly expanded. Certain commodities in both Annexes are however subject to a wind-down period until 8 January 2023 to allow for the execution of any contracts entered into before 7 October 2022 or any ancillary contracts necessary for the execution of those contracts Crude and Petroleum Products Some important clarifications around the carriage