The European Union and Britain on Friday sought to ramp up economic pressure on Russia to halt the war in Ukraine by slashing a price cap meant to choke off revenues from key oil exports. The EU and Britain said they would lower the cap on Russian oil exported to third countries around the world to 15 percent below market value.

The European Union and Britain on Friday ramped up pressure on Russia over its war on Ukraine, targeting Moscow's energy sector, shadow fleet of aging oil tankers and military intelligence service with new sanctions.

The European Union approved on Friday a new raft of sanctions against Russia over its war on Ukraine, including a lower oil price cap, a ban on transactions with Nord Stream gas pipelines, and the targeting of more shadow fleet ships, EU foreign policy chief Kaja Kallas said.