A merican Club Circular No . 02/26 1 JANUARY 22, 2026 CIRCULAR NO. 02/26 TO MEMBERS OF THE ASSOCIATION Dear Member: RUSSIAN OIL PRICE CAP UPDATES: EUROPEAN UNION (EU) AND UNITED KINGDOM (UK) The EU and UK have confirmed that effective 23:01 GMT January 31, 2026 (UK) / February 1, 2026 (EU), the price cap for Russian crude will drop to US$44.10 per barrel. Under the UK price cap, for any trades with an effective date of contract before 23:01 GMT January 31, 2026 and compliant with the existing price cap of US$47.60, there is a wind down period ending at 22:59 BST on April 16, 2026. Under the EU price cap scheme, contracts concluded under the previous price cap can be executed for 90 days from January 15, 2026. Members may refer to Circular No. 03/23 of February 14, 2023 and Circular No. 05/24 of February 2, 2024 for further details of the Price Cap scheme which regulates the transport and insurance of Russian-origin CN 2709 and CN 2710 cargoes Members are reminded that cover is not available for any trade that breaches applicable sanctions or price cap requirements. Members should continue to conduct thorough due diligence on all relevant parties, cargoes, vessels, and service providers involved in any trade presenting heightened sanctions risk. Members are further reminded to maintain records of their due diligence investigations and findings, including but not limited to price cap attestations received from contractual counterparties, as required by the price cap regulations. Yours faithfully, Dorothea Ioannou, CEO Shipowners Claims Bureau, Inc., Managers for THE AMERICAN CLUB All clubs in the International Group have issued similar Circulars.