Lioness Season 3 finale theories put Oleksandra at the core of everything

Lioness Season 3 has created its mystery around one question: can Oleksandra Balakin really be trusted? As the Season 3 finale, "The Unraveling," gets closer, every major thread seems to point back to the Ukrainian intelligence operative played by Elizaveta Neretin.

She has helped the CIA by giving information that changed the course of the operation and has been involved in the search for Joe McNamara. At the same time, there are enough unanswered questions around her to make her look like a possible threat.

One of the most interesting things about Oleksandra is that she doesn't fit neatly into the role of either ally or enemy. She's a woman with her own connection to Ukraine, knows how Russian intelligence works, and has reasons to protect her country's interests.

Yet her arrival with crucial intelligence also sets several major events in motion. Joe's identity is exposed, Oleksandra's family comes under threat, and both women eventually become caught in a dangerous intelligence game.

Now, the strongest possibility in Lioness Season 3 could be that Oleksandra has been playing a really big game, and the CIA might not have uncovered anything about it. But at the same time, there's another possible story: the show is deliberately making her look like a key figure.

Why? To hide the real person behind Joe's kidnapping in Season 3, and when the person is revealed, fans might be in great shock.

So, either way, the Lioness Season 3 finale theories have one thing in common: Oleksandra is an important figure, and her true loyalties could impact how this chapter of the Paramount+ series ends.

More details below!

Oleksandra's actions in Lioness Season 3 make her impossible to ignore ahead of the finale

As seen in Lioness Season 3, Oleksandra first becomes important when she approaches the CIA with valuable information about Aleksi Yurimov, a senior figure connected to Russia's hybrid-warfare operations. She also provides details about a Russian network operating inside the United States, including compromised American assets.

That information gives Joe McNamara's team a reason to act. They eventually locate and extract Yurimov in Donetsk, but the operation comes with serious consequences. Joe's identity is exposed, Oleksandra's family is threatened, and Oleksandra herself is eventually taken.

Her position becomes even more complicated when the CIA questions her and brings her in as an intelligence asset. She has knowledge that can help the Americans understand Russian methods, safe locations, and possible escape routes.

One of the most important things to note about Oleksandra in Lioness Season 3 is that she even helps in finding Joe. If she really wanted Joe gone, helping the CIA find her would seem like a strange move unless there was another reason.

This is where the character becomes so interesting. Oleksandra can be useful to the CIA without necessarily having the same end goal as the Americans. Her first loyalty could still be to Ukraine, and that possibility changes how almost every action can be interpreted.

Her explanation of Russia, China, and the United States as competing powers also gives Lioness Season 3 a larger political angle. She describes how a country can be weakened from inside when important people or institutions become compromised.

Her idea is directly about the season's central concern about hidden loyalties. The danger is not always someone standing outside the door. Sometimes the real problem is figuring out whether the person already inside can be trusted.

The Lioness Season 3 finale could finally expose what Oleksandra has been hiding

The biggest theory about Oleksandra in Lioness Season 3 is that she is linked to Joe's kidnapping. She did provide key information to the CIA and earned their trust, but then there's a possibility that Oleksandra may have wanted the U.S. more involved in the Russia-Ukraine conflict.

If we look at Episode 7 of Season 3, the suspicion grows stronger when Errol's analysis points toward Ukraine. Byron Westfield takes it seriously and wants Oleksandra eliminated. But this also means killing either a real threat or a useful ally.

Still, Oleksandra could also be a red herring. Kaitlyn, Errol, an Iranian-linked group, or a private intelligence network could be hiding behind the operation. Babat and the Belarusian contractors also leave other possibilities open.

Another theory suggests Joe may have allowed parts of her own kidnapping as a larger Lioness operation to expose the real network. That would mean what looked like a failure may actually have been part of a plan.

That uncertainty keeps the Lioness Season 3 finale theories open. Oleksandra could be the mastermind, an innocent ally, or someone caught in a much bigger operation.

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