If Russia implements its threats, it will certainly cause a global crisis, including the insane rise in the price of gas from other producers due to the increased demand .
It would be a European Crisis not a global one, worse case scenario is that the rest of the world would feel some pressure and some may even start economic expansion with negative inflation rate. It may not even be the whole Europe, for example countries like Germany, Finland and Sweden are felling the crisis a lot more than some others in the western Europe.
It is also no longer 1940s when the Europeans can expand their own crisis to the rest of the world and call it World War.
P.S. The attempts to take Kherson back hasn't worked so far and that is the last effort by NATO to regain some strategic geography in this proxy war with Russia before the temperature drops. If they fail, the severity of the crisis in West becomes worse, specially in the ongoing global food war.