MOSCOW, December 6. /TASS/. The introduction of a price cap on Russian oil by Western countries will only lead to an even greater increase in fuel prices due to a shortage of supply, Deputy Prime Minister Alexander Novak told reporters.

"We do not accept the mechanisms that have been adopted - limiting prices artificially," he said. "This can only lead to a global decline in investment, a future shortage of relevant resources. This, in turn, will lead to an even greater increase in prices," Novak added.

On December 5, an embargo on the delivery of Russian oil by sea to EU members went into effect, as did a resolution by the EU, the G7, and Australia to set an adjustable price cap for Russian oil supplied by sea at $60 per barrel. According to Novak, Russia intends to develop a mechanism that will prohibit trading based on the rubles of the oil price cap.