Geopolitics are clearly again at play in the ongoing story surrounding Russia’s Lukoil international asset sale. The return of geopolitics, as clearly evident in energy markets, is putting investors on the spot; they must relearn an old lesson: oil and gas are never merely commodities, and capital is never neutral. This longstanding dynamic is clearly being played out in the quiet but strategically meaningful triangle among The Carlyle Group, Lukoil, and the United Arab Emirates, with risks stemming from sanctions, regional conflicts, and…