Putin says "Russia welcomes the planned summit of the US and North Korea and notes China's big contribution to helping settle the crisis on the Korean Peninsula".
"As they are both authoritarian personalistic rulers", he said.
Putin, however, voiced his support for Trump's summit with North Korean leader Kim Jong Un in Singapore on Tuesday.
Mr. Trump doubled down on his tough trade talk with the USA allies before he boarded the plane to Canada.
"As for Russia's return to the G7, G8 - we never left it", he said.
In late May, US President Donald Trump said that he had instructed the responsible bodies to study the possibility of imposition of new tariffs on automobile imports in the same manner as he did with respect to aluminum and steel duties.
Canada is flatly rejecting Donald Trump's suggestion to reinstate Russian Federation in the G7, four years after it was expelled from the group of industrialized nations for annexing Ukraine's Crimea.
"I see this as an acknowledgement and an evaluation of Russia's efforts to develop a comprehensive strategic partnership with China", he said.
"For our country, it's a great joy and honor to receive representatives from the massive footballing family, " Putin said in a video statement released Saturday.
President Donald Trump doubled down on his suggestion that Russian Federation be re-admitted into the G-7 in an impromptu presser on Saturday morning from the summit in Canada.
Meanwhile, in Canada, a growing rift between the United States and its most important allies was on full display.
He also resumes his criticism against Canada for unfairly charging tariffs on dairy products heading to the United States.
Russian state news agency Tass reports that Kremlin spokesman Dmitry Peskov told reporters at a press conference that the two leaders discussed the possibility of a bilateral summit, including possible locations, during a recent phone call. Meanwhile, Trump continued to talk tough Friday, even threatening to "terminate" the North American Free Trade Agreement, which he has repeatedly characterized as unfair to the U.S.
Trump has repeatedly put himself at odds with practically the entire U.S. political and security establishment over Russian meddling in the 2016 Presidential Election.
Putin said that Washington's decision to exit the agreement could "destabilize the situation" in the region.
The suspension was supported by the other members of the group, including the US, Canada, Japan and four European nations.
"The (prime minister) has always said we should engage with Russian Federation but beware", the source told Reuters.
A meeting that Russian Federation was set to chair in Sochi was moved to Brussels.