EU leadership proposes price cap on Russian gas after Putin brands idea 'stupid'

The European Commission is to put forward a plan to cap the price of Russian gas, as well as issue a mandatory European Union cut in electricity use.

European Commission President Ursula von der Leyen announced the plans in a press conference Wednesday, citing the need to hurt Russian profit-making as it continues its assault on neighboring Ukraine. The announcement came after Russian President Vladimir Putin branded such measures as "stupid" and threatened to cut off Russian gas completely if plans moved ahead.

MSNBC host and economic correspondent Ali Velshi joins Here & Now's Celeste Headlee for the latest