Russia is not a country that can be underestimated, and the West should have taken the energy crisis into consideration before imposing sanctions on Russia, Turkish President Recep Tayyip Erdogan said on Wednesday.

"Russia is not a country that can be underestimated. Russia has reduced natural gas supplies, prices in Europe have risen. Everyone is in thought. Why did not you think of this before? Here, of course, Russia will use all the means at its disposal when everyone attacks it," the Turkish leader said at a joint press conference with his Serbian counterpart, Aleksandar Vucic, in Belgrade.

"We hope to reach peace as soon as possible and stop this," Erdogan added.

The Turkish president also explained that the West's policies toward Ukraine were wrong and aimed at causing provocations.

"I can say very clearly that I do not think the attitude of the West [towards the Ukrainian problem] is correct. Because there is the West that pursues a policy based on provocations," Erdogan stressed.

Turkey adheres to a balanced policy on Ukraine, the president said, expressing doubts that the conflict will be soon resolved.

On provocative actions, EU chief Ursula Von Der Leyen had proposed that the bloc's 27 nations agree on placing a price cap on Russian gas imports. Her decision comes as a means of imposing further sanctions on Russia as the West looks for more means of punishing the country over the Ukraine war.

"The objective here is very clear. We must cut Russia's revenues which (Russian leader Vladimir) Putin uses to finance this atrocious war against Ukraine," the president of the European Commission told reporters. 

Just hours before, President Putin said Russia would 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.

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