Lioness Season 3 has spent weeks building one big question: Can Oleksandra Balakin be trusted? The Ukrainian intelligence operative played by Elizaveta Neretin started the season as an ally who handed the CIA valuable information. Now, with the finale airing on September 20, every major clue points back to her as the possible architect of Joe McNamara’s kidnapping. Fans are picking apart her every move, and the show’s own cast has been careful not to give anything away.
Who Is Oleksandra Balakin in Lioness Season 3
Oleksandra arrived early in Season 3 as a Foreign Intelligence Service of Ukraine (FISU) agent who had spent years working inside Russia’s intelligence network. She approached Joe McNamara and her team at Georgetown University with information about Aleksi Yurimov, a senior figure tied to Russia’s hybrid warfare operations.
The timing of her arrival raised eyebrows immediately. She gave the CIA the name of a Russian asset, and very soon after, two Belarusian contract agents showed up at Joe’s front door. That suspicious chain of events made viewers and even Joe’s own team wonder if Oleksandra had set something in motion.
She also provided details about a Russian network operating inside the United States, including compromised American assets. That information led to 37 arrests under Operation Treasure, giving Joe enough confidence to tell her family it was safe to return to their Virginia home. Weeks later, Joe was kidnapped anyway.
Episode 7 Twist: The CIA’s New Theory
The penultimate episode, titled “Kiss the Girls,” dropped a major reveal. After Joe escaped her captors in a dramatic gunfight, Nicole Kidman’s Kaitlyn Meade had a conversation with her husband Errol Meade (Martin Donovan). He revealed that his firm had been analyzing who might have the resources, motive, and ability to abduct a CIA case officer on U.S. soil.
Their conclusion: Ukraine.
It just so happened that Kaitlyn and her team had been working very closely with a Ukrainian agent all season. That agent is Oleksandra Balakin. The CIA’s latest theory now suggests the real villain has been working with them all along.
Michael Kelly’s Byron Westfield even suggested they kill the double agent responsible for the recent series of events, justifying that the state execute Oleksandra for her crimes against the U.S.. Byron admitted it was a guess, but the fact that the CIA is even considering it shows how serious the suspicion has become.
Why Fans Think Oleksandra Is Behind Everything
The biggest theory among fans is that Oleksandra is linked to Joe’s kidnapping because she wanted the U.S. more involved in the Russia-Ukraine conflict. She provided key information to the CIA and earned their trust, but her first loyalty could still be to Ukraine. That possibility changes how almost every action can be interpreted.
One fan on Reddit pointed out how fascinating Oleksandra’s explanation of the “bear, tiger, wolf pack” analogy was during Episode 3, noting that it made them think deeply about how America’s enemies operate. Another viewer admitted the final scene of that episode made them jump from their seat when they realized it was Joe who had been taken, not Oleksandra or the Russian asset.
But not everyone is convinced. Some fans believe Oleksandra is being set up as a scapegoat to hide the real mole. A popular podcast theory suggests Errol Meade is involved and that Hollar may be the real mole, with Oleksandra simply being the perfect person to blame.
The show has deliberately made her look guilty. Whether that is the truth or a misdirection is exactly what the finale is expected to reveal.
Elizaveta Neretin on Oleksandra’s True Loyalties
Elizaveta Neretin, who plays Oleksandra, has spoken about her character’s complicated position. In an interview with Decider, she revealed that Taylor Sheridan trusted her to build Oleksandra’s backstory herself.
“You’re not going to know who she truly works for until the very end,” Neretin said. “I’m not allowed to say anything else”.
Neretin also shared that she is half Russian and half Ukrainian, with her mother being from Ukraine. That personal background gave her a deep understanding of the emotions surrounding her character’s storyline.
“Oleksandra did not want to be recruited,” Neretin explained. “The best-case scenario would be if they just took the most recent information she gave them and left her alone”.
The actress described filming an interrogation scene where Oleksandra refuses to be called Russian as particularly difficult, saying she focused on what her mother, her mother’s family, and many of her friends are feeling right now.
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What the Season 3 Finale Will Address
The finale, titled “The Unraveling,” premieres on Sunday, September 20, 2026, streaming exclusively on Paramount+. The official synopsis reads: “Kyle’s chase sparks deadly fallout as Joe uncovers a wider plot”.
The episode picks up after Joe survived her kidnapping and made it clear that going home was not enough. She wants the people responsible. After her rescue, Joe told her husband Neal by phone that she would return when the ordeal was “over,” then directed Bobby back toward the office. “I’m gonna figure out who was behind this,” Joe declared. “Then I’m gonna kill them”.
Zoe Saldaña returns alongside Nicole Kidman as Kaitlyn Meade, with Laysla De Oliveira as Cruz Manuelos and Genesis Rodriguez as Josie Carrillo also appearing in the finale.
For viewers in the United States, the episode drops at 3 a.m. ET on Paramount+. Fans in the UK, Canada, and Australia can watch through Paramount+ in their regions, where new episodes typically arrive on the same day. Indian viewers can stream the show on Paramount+ as well, with episodes usually available shortly after the U.S. release.
The season has built its entire mystery around hidden loyalties and the danger of not knowing who is already inside. The finale will finally show whether Oleksandra Balakin was playing the CIA from the start or whether she was just the perfect person to blame.
Also Read: Lioness Season 3 Episode 7 Spoilers: Rescue Mission Turns Into Open Conflict as Team Searches for Joe
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