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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 move from the EU was part of a sweeping new package of sanctions -- the bloc's 18th since the start of Russia's 2022 invasion -- that also took aim at Moscow's banking sector and military capabilities.

The measures come as allies closely watch whether US President Donald Trump follows through on his threat to punish Moscow over Russian President Vladimir Putin's failure to move forward on a truce.

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