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@PhilDAS
Clear lacquer will slow it but rust will develop underneath as a clear coat is porous I believe and will not seal it from the air and elements.
Using an oil on it should protect it fairly well but it doesn't last and will need to be reapplied regularly. Ultimately there's no real way to keep a raw steel look as protected as paint, it will always rust regardless unless it is painted with primer and base colour or powder coated.
Some companies like Brompton put frames through a phosphate coating and then clear powder coat which holds up much better than any of the alternatives if you want the raw look but you'd need that done professionally somewhere.