Carlyle Group just agreed to buy most of Lukoil's foreign assets — Russia's second-largest oil company, forced to sell because of US sanctions.

Let that sink in. Sanctions were supposed to isolate Russia economically. Instead, a US private equity firm gets Russian oil assets at a discount. The sanctions didn't stop the capital flow. They rerouted it through an intermediary who takes a cut.

Sanctions are a business model.

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