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.

A former Russian prime minister has said Vladimir Putin may be forced to agree a peace deal to end the war with Ukraine by the end of the year. Mikhail Kasyanov said Russia’s “contracting” economy meant the country’s president may have no option but to seek a settlement to stop the hostilities.