The document notes that Europe will need to replenish stocks in the spring, and in the absence of fuel supplies from Russia, gas and electricity prices will be at least at the level of 2022.

“With modest or completely absent Russian supplies, this could lead to the fact that the market in 2023 will again return to record high prices for natural gas and electricity, which were in 2022,” the text of the RIA Novosti report quotes.

The rise in energy prices will also affect the cost of living in Europe - it will grow by 9% in 2023.

Earlier, the US Treasury proposed to set the maximum price for Russian oil in the region of $60.

Russian President Vladimir Putin has said that Russia will not act to its own detriment if Western countries impose a price ceiling on Russian energy resources.

The IMF noted uncertainty about the effectiveness of the oil price ceiling from Russia.