Whats the rationale here?

High risk/reward? I've held Lukoil for a long time. Price to book is below 1 and div yield is very attractive. No reason that the ruling elite should be the only ones to make money off of Russian oil. In general, mass "corrections" (e.g. Brexit, early-Pandemic) are buying opportunities...the world rarely changes as much and as quickly as the news cycle would like to make it seem.