The sanctions imposed by Western nations on Russia amid the ongoing war in Ukraine are a threat to the entire world, Russian President Vladimir Putin said on Wednesday during a speech at the Eastern Economic Forum in Russia`s Vladivostok. The remarks came after the Russian President on Monday said gas flows via the Nord Stream 1 pipeline to Germany would not resume until Western countries lifted sanctions against Russia, Al Jazeera reported. Moreover, the European Union ministers on Friday are set to discuss a price cap on Russian gas as the cold winter months approach, an approach Kremlin dismissed as “stupid” during his speech in Vladivostok. Meanwhile, Russian Ambassador to China Andrey Denisov told news agencies that Putin and Xi would meet next week during a regional summit in Uzbekistan. It would be the first in-person meeting since Russia`s invasion of Ukraine began on February 24, according to Al Jazeera. The Group of Seven (G7) nations have promised to move towards a price cap on Russian oil, saying it would hamper the country`s war efforts in Ukraine and speed up the deterioration of its economy. The G7 said the price cap is specifically designed to reduce Russian revenues and Russia`s ability to fund its war. The member of the powerful grouping also said the price cap will be publicly communicated clearly and transparently. The price cap`s effectiveness and impact will be closely monitored and the price level revisited as necessary. The EU`s sixth sanctions package was adopted on June 3. It prohibited EU operators from insuring or financing the transport of crude oil or petroleum products from Russia to third countries, particularly through maritime routes. Earlier, Russian Deputy Prime Minister Alexander Novak condemned the idea of a price cap on Russia as absurd, warning that Moscow would not deliver oil and oil products to countries that support the decision. Over the past months, the sanctions imposed by the West on Russia in retaliation for its military operation in Ukraine sent food and energy prices soaring, triggering record-high inflation in some countries.