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

· Annex A – Middle East Updates
· Annex B – Northern Black Sea Updates

Annex A summarises the past week’s security updates in the Middle East, where no major shift has occurred despite the announcement of the “Trump Peace Board” meant to oversee the second phase of the Gaza peace plan and the Iranian regime’s announced plans for a gradual return to normalcy. Notably, CMA CGM has halted plans to increase transits through the Suez Canal, citing security concerns.

Annex B summarises the past week’s security updates in the Black Sea region. In the backdrop of the World Economic Forum, a US negotiation team travelled to Russia to present the Russian delegation with negotiation developments. Comments about the negotiation development report that 90% of a potential agreement has been settled, but that disagreements remain on territory. In the maritime domain, Russian and Ukrainian military activity continue to pose a threat to shipping in the Black Sea, especially as Ukraine has seemingly expanded its targeting parameters to include non- “shadow fleet” vessels.

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.