My understanding is the price cap on Russian oil would be enforced by restrictions on shipping insurance, largely controlled by the Europeans.
At first glance the scheme seems simplistic and easily worked around. Some entity outside the collective West could easily step in to insure Russian oil tankers and make a lot of money.
But then the Nord Stream pipelines were attacked, which means all the existing assumptions about the risk to Russian oil shipping must be reconsidered.
If the West is willing to destroy critical civilian infrastructure like the Nord stream pipelines, why wouldn't they attack Russian oil shipments not in compliance with the price caps?
Good observations both. That someone outside the EU will insure them. And that if we were willing to blow up that pipeline, would we torpedo or mine ships.
And of course, again it’s flirting with WWIII.
That is a concern, however two can play at that game.
A Russian oil tanker is blown up at sea, so an American LNG Tanker blows up, ... in a Western European LNG Terminal, (there are 12).
Also, Maritime Insurance generally excludes Acts of War, so New Insurers won't have a problem with issuing policies.
We may see who's Bluffing, if anyone.