Circular issued by International Group clubs Circular issued by International Group clubs Update 15 January 2026 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. On 18 July 2025, the EU adopted the 18 th sanctions package against Russia.  These measures can be found in amended   Regulation (EU) 833/2014  and  Regulation (EU) 269/2014 . The EU Commission has issued a press release regarding these new measures which can be found here and FAQs which can be found here . They can be summarised as follows: New vessel and asset freeze listings 105 vessels have been banned from accessing EU ports or receiving maritime or other services for being part of the Russian “shadow fleet” (Article 3s of EU Regulation 833/2014). The EU has removed three LNG (liquified natural gas) tankers operated by Mitsui O.S.K. Lines from this list after receiving assurances that they will not transport gas from the Russian Yamal and Arctic 2 projects. 14 individuals and 41 entities have been designated to the EU sanctions list (and therefore subject to an asset freeze), including those associated with Coral Energy/2Rivers Group (which is already subject to UK asset freeze restrictions), and Nayara Energy Limited (an Indian refinery in which Rosneft has a major shareholding). Oil price cap The EU has reduced the relevant price cap for Russian origin crude oil (CN Code 2709) from US$60 to US$47.60 per barrel, which will take effect on 3 September 2025. Contracts entered into on or after 20 July 2025 may re