US Treasury Secretary Janet Yellen said it’s “very likely” that European Union sanctions will force Russia to offer some crude oil exports at a price set by the US and its allies, if Moscow wishes to prevent a shut-in of some supplies. 

“They’re going to be looking for buyers, and we think they’re going to have a hard time selling all of it,” Yellen said Saturday in an interview with Bloomberg News. An EU ban on seaborne imports of Russian crude starts on Dec. 5.

Russia’s withdrawal from Kherson city is an “extraordinary victory” for Ukraine, though Russian claims that it pulled its forces from the Dnipro’s west bank haven’t been verified, White House National Security Adviser Jake Sullivan said. President Volodymyr Zelenskiy said Saturday that Ukraine has regained control of more than 60 settlements in the Kherson region.  

Key DevelopmentsBiden Aide Says Kherson Retreat ‘Extraordinary Victory’ for KyivYellen Says Russia Faces Oil Shut-In or Price Cap Amid SanctionsUkraine Leader Hails Kherson Return in Major Blow for Putin

(See RSAN on the Bloomberg Terminal for the Russian Sanctions Dashboard.)

On the Ground

Ukrainian military administration officials have returned to Kherson, while Ukraine’s air force carried out 11 strikes against Russian troops in occupied parts of the Kherson region, the general staff in Kyiv said on Facebook. It said Russia is bolstering fortifications on the left bank of the Dnipro river in a bid to keep control of occupied territories. Seeking a return to a semblance of everyday life in Kherson, the national postal service said it’ll deliver pension checks to Ukrainians starting Monday. In the Donetsk, Dnipropetrovsk and Sumy regions, Ukraine said Russian air and rocket strikes hit 15 localities. Russian troops were attempting to advance toward Bakhmut, Avdiivka and Novopavlivka in the Donetsk region.