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. 7 May 2026 TO ALL MEMBERS AND ASSUREDS Dear Sir or Madam EU Sanctions: 20th package against Russia On 23 April 2026, the Council of the European Union adopted its 20th package of restrictive measures against Russia, amending Regulation (EU) 833/2014 and Regulation (EU) 269/2014. These measures were implemented in Council Regulation (EU) 2026/506, Council Implementing Regulation (EU) 2026/509, and Council Regulation (EU) 2026/511 and published in the Official Journal of the EU. Further details can be found here. The EU also issued FAQs in relation to the 20th package which can be found here. The package comprises 120 individual and entity listings, the largest number in a single package in two years, together with a range of sectoral, trade, financial and anti-circumvention measures. This update summarises the key measures of particular relevance to shipping, marine insurance, and related maritime services. Key takeaways for Members • Significant expansion of the shadow fleet regime, including 46 newly listed vessels and new tanker sale due diligence obligations • Ban on financial services including insurance to LNG tankers: Russian-owned or flagged from 25 April 2026; all others operating in Russia or for use in Russia from 1 January 2027 • Establishment of the legal basis for a future full maritime services ban for Russian crude oil and petroleum products, pending coordinated G7 implementation • New transaction bans on 2 Russian ports - Murmansk and Tuapse, and the Karimun Oil Terminal in Indonesia • First use of the EU's country-level anti-circumvention tool, targeting exports to the Kyrgyz Republic Shadow Fleet and Vessel Designations 46 additional vessels have been designated under Regulation (EU) 269/2014, bringing the total number of designated shadow fleet vessels to 632. 11 vessels have been delisted following demonstrated return to compliance by their owners. Designated vessels are subject to an EU port access ban and a prohibition on the provision of a broad range of services related to maritime transport, including insurance, as well as a prohibition on ship-to-ship transfers and any other cargo transfer involving such vessels. - 2 A derogation has been introduced to facilitate the recycling of listed shadow fleet vessels that have reached end-of-life, including activities necessary for such vessels to proceed to the recycling facility, and for any relevant activities or for payments related to the recycling. Entity Designations A total of 120 individuals and entities have been designated. The 36 energy-related designations cover both the upstream and downstream segments of the Russian energy sector, including exploration, extraction, refining, and transportation of oil. They include entities operating in third countries as part of the shadow fleet ecosystem, and the Russian insurance company, Soglasie (also designated by the UK since 9 May 2025). The following entities in the energy sector are now subject to an