Putin threatens to cut Russian oil production; Refuses to bow down to price cap

Putin issues a strong warning to the West, threatening Russia with an oil price cap. The world's biggest exporter of energy, Russia, may cut production but won't sell oil to any country that imposes the West's price cap. Refusing to bow down to the blackmail, the Russian President made the announcement. The Group of Seven (G7) and Australia last week agreed on a $60 per barrel price cap on Russian seaborne crude oil after EU members overcame resistance from Poland. He even called the West's move "stupid" and said this would "skyrocket" energy prices. Watch this report for more information.