A merican Club Circular No. 10 /1 9 1 MARCH 27, 2019 CIRCULAR NO. 10/19 TO MEMBERS OF THE ASSOCIATION Dear Member: RECENT US GOVERNMENT ADVISORIES CONCERNING IRAN, NORTH KOREA AND SYRIA The US government has recently issued the attached advisories in regard to trade involving Iran, North Korea and Syria. These extensive documents are believed to speak for themselves, and are circulated to Members for their general information, and action as appropriate. Your Managers, in conjunction with initiatives being taken by the American Club’s colleagues within the International Group, will continue to monitor developments concerning sanctions which apply to trade with Iran, North Korea and Syria, and inform Members accordingly. Members are reminded that, pursuant to American Club rules, there is no cover for voyages, or any activity related to or attendant thereon, which violate, or pose a risk of violating, sanctions prohibitions, and/or where causing a violation could entail the imposition of sanctions or penalties. Members are therefore urged to conduct additional sanctions due diligence to ensure their own and the American Club’s compliance with relevant prohibitions. Should Members have any questions, or need additional guidance, regarding any aspect of the foregoing or sanctions in general, or require confirmations as to the availability of cover for voyages involving countries (Iran, North Korea and Syria), or wish to inquire about entities or individuals subject to US economic sanctions (designated entities and individuals appearing on the OFAC SDN List), they should contact: Charles J. Cuccia, Senior Vice President - Compliance, ph +1 212 847 4539, mob +1 917 215 2883, charles.cuccia@american-club.com. Yours faithfully, Joseph E.M. Hughes, Chairman & CEO Shipowners Claims Bureau, Inc., Managers for THE AMERICAN CLUB 1 DEPARTMENT OF THE TREASURY WASHINGTON, D.C. 20220 OFAC Advisory to the Maritime Petroleum Shipping Community Issued: March 25, 2019 Subject: Sanctions Risks Related to Petroleum Shipments involving Iran and Syria The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), with the U.S. Department of State and the U.S. Coast Guard, is issuing this advisory to alert persons globally to the significant U.S. sanctions risks for parties involved in petroleum shipments to the Government of Syria. These shipments create significant sanctions risk for entities and individuals in the shipping industry, including shipping companies, vessel owners, managers, operators, insurers, and financial institutions. Countries such as Iran and Russia have been involved in providing the Government of Syria with petroleum. Those who in any way facilitate the financial transfers, logistics, or insurance associated with these or other petroleum shipments are at risk of being targeted by the United States for sanctions. The United States is committed to disrupting illicit financial and other support to the Government of Syria, to include transporting petroleum to its state-owned and -operated ports, regardless of the location or nationality of those facilitating such support. The United States and its international partners continue to demonstrate resolve to disrupt support for the Assad regime by preventing the normalization of economic and diplomatic relations and the provision of reconstruction funding, as well as permanently denying the regime the use of chemical weapons. The United States is committed to isolating the Assad r