STEAMSHIP MUTUAL UNDERWRITING ASSOCIATION LIMITED Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registered in England and Wales – Registration number 105461. PRA and FCA registration number 202548) MANAGERS: STEAMSHIP P&I MANAGEMENT LLP is an appointed representative of Steamship Insurance Management Services Limited which is authorised and regulated by the Financial Conduct Authority (Registered in England and Wales – Registration Number OC376859. FCA registration number 597046) 155 Bishopsgate, London EC2M 3TQ - Tel + 44 20 7247 5490 Club Circular Russian Oil Price Cap – Update 15 January 2026 January 2026 To the Members Please note that the EU and UK have confirmed that effective 23:01 GMT 31 January 2026 (UK) / 1 February 2026 (EU) the price cap for Russian crude is US$44.10 per barrel. Under the UK price cap, for any trades with an effective date of contract before 23:01 GMT 31 January and compliant with the existing price cap of US$47.60, there is a wind down period ending at 22.59 BST on 16 April 2026. Under the EU price cap scheme, contracts concluded under the previous price cap can be executed for 90 days from 15 January 2026. Yours faithfully, Steamship Mutual Underwriting Association Limited. Circular No. L.473