Former Russian President Dmitry Medvedev on Friday predicted the Russian economy would withstand the European Union's latest sanctions package and said Moscow would intensify its strikes against Ukraine.

BRUSSELS -- 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, the EU foreign policy chief said.

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.