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This is CBS I In The World, I'm John Batcher.

The oil price cap, much debated these last months, the European Union, the European countries

have gone forward with the oil price cap.

What does it mean?

I welcome Michael Bernstom of the Hoover Institution to comment on breaking news from Europe

about Vladimir Putin, throwing what you'd have to say is a very grown up and angry tantrum

about the oil price cap, but the financial times puts it this way.

Russian President Vladimir Putin has threatened to cut oil production in response to the G7's

price cap on Moscow's crude exports.

Speaking to reporters within these last hours, Putin said Russia, quote,

would simply not sell to the countries that imposed the price ceiling or joined in an EU

embargo on buying the country's oil.

He went on to say, we will possibly, if we have to, even think, I'm not saying that it's a

decision about a possible cut in production. He was speaking at a summit in Bishkek,

...