Russian President Vladimir Putin said on Wednesday that Russia will stop supplying oil and gas to countries that impose price ceilings.  

Capping prices, as some Western countries are considering, "would be an absolutely stupid decision," Putin told the Eastern Economic Forum in the Pacific port city of Vladivostok.    

"We will not supply anything at all if it is contrary to our interests, in this case economic (interests)," he said. "No gas, no oil, no coal, no fuel oil, nothing."      

The G7 industrialized nations pledged on Friday to work quickly to establish a price cap on Russian oil imports in order to cut off a key source of funding for Moscow's military activity in Ukraine.

Putin stated that Russia will honor its contractual responsibilities and hoped that other countries would follow suit.    

Read next: G7 nations set to agree on Russian oil price cap

"Those who are trying to impose something on us are in no position today to dictate their will," Putin said. "They should come to their senses."      

In response to rising European energy prices ahead of winter, Putin stated that Russia would not deliver anything outside of current contracts.

"They have several solutions. Either subsidizing high prices, which is bad because it won't change consumer behavior... or reduce consumption," he said.    

"From an economic point of view, it is correct. From a social point of view, it is dangerous, it can lead to an explosion. It is better to adhere to contractual obligations, to civilized rules," Putin said.

Putin slams accusations that Russia allegedly uses Nord Stream as energy weapon as "nonsense"

Accusations by Western countries that Russia is allegedly using the Nord Stream 1 gas pipeline as an energy weapon are nothing but nonsense, Russian President Vladimir Putin on Wednesday.

"Nord Stream 1 is practically closed now. Everyone says: 'Russia uses energy weapons.' This is another nonsense. What kind of weapons do we use?! We supply as much as our partners need: as much as they place an order," Putin said at the plenary session of the Eastern Economic Forum (EEF).

The president noted that Ukraine and Poland, through the territories of which Russia supplies gas to Europe, closed the gas pipelines on their own, adding that these were their decisions.

"Give us a turbine, we will launch Nord Stream 1 tomorrow. They do not give anything," Putin said.

Nord Stream 2 gas pipeline to be switched on once needed

The Nord Stream 2 gas pipeline was not built in vain, and "if necessary, please, we will turn it on," Russian President Vladimir Putin said on Wednesday.

"No, we are not building anything in vain. We have received the appropriate technologies, we have worked them out. If necessary, please, we will turn on Nord Stream 2," he said at the plenary session of the Eastern Economic Forum (EEF), answering whether Nord Stream 2 had been built in vain.

It is worth noting that gas supplies via Nord Stream have completely stopped since August 31 and the operation of the pipeline has been suspended due to scheduled maintenance work at the Portovaya compressor station, data from gas transportation system operators showed.

A leak was detected at the main gas turbine at the Portovaya compressor station near St. Petersburg.

Previously, Gazprom said gas would continue to flow on Saturday after a different turbine repair was required. However, Western sanctions have made it difficult for the oil company to pursue its maintenance routine.