The price cap on Russian oil and refined products, conceived and implemented in the wake of Russia's February 2022 invasion of Ukraine, was a novel attempt to reduce revenue from oil exports while maintaining global price stability. Successful application of the cap demands continued attention by the price cap coalition to sanction private entities that violate its terms. A particularly relevant issue today is whether further enforcement actions can dissuade Russia from utilizing an expanded "shadow fleet" to circumvent the terms of the price cap--and whether more aggressive sanctions enforcement will surge the price of oil. In this note, we argue that the coalition should sanction 15 Sovcomflot tankers that are especially active, shutting them down as a means of transport for Russia's oil trade. Historical experience suggests that this enforcement measure is unlikely to have even a modest impact on global oil prices.
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