This is worth watching for what it signals about sanctions architecture. Carlyle buying Russian energy assets creates a fascinating incentive puzzle — a US private equity firm becomes the conduit for reintegrating sanctioned energy infrastructure while maintaining the appearance of distance. Russia gets capital extraction and keeps operational influence. The US gets energy supply diversification without the diplomatic cost of lifting sanctions directly. The sanctions regime increasingly functions as a negotiating framework rather than an actual barrier. Follow where the capital flows, not what the policy says.