Members are invited to consider the most recent Risk Intelligence reports provided at the annexes as follows:

· Annex A – Red Sea Updates
· Annex B – Northern Black Sea Updates

Annex A details the most recent security updates in the Red Sea, where the US has continued to strike Houthi targets over the past week, and Israel has continued attacks in Gaza and Syria. Despite this escalation, the Houthi’s Red Sea campaign has remained paused – no strikes have been conducted against civilian targets since 19 January.

Annex B provides an overview on security in the Black Sea, noting first that the announced “elimination of the use of force” in the Black Sea has not amounted to an official ceasefire due to discrepancies between the US, Russian, and Ukranian statements. Consequently, it remains likely that Russian forces will continue to attack Ukranian civilian infrastructure, including ports.

In accordance with the scope of the agreement between ICS and Risk Intelligence, members are requested not to circulate the report further in its entirety. Members may precis the report or use extracts from it to help advise members on key issues or to assist in enquiries. In such cases, Risk Intelligence should be acknowledged as the source of the information.

MC(25)54 – Annex A – RI Red Sea Security Update 26.3.25

MC(25)54 – Annex B – RI Black Sea Security Update 27.3.25