Although domestic activity dominates their portfolios, Russia’s upstream players, both state and private, have been active in the search for value creation overseas. However, grand designs in support of foreign policy objectives have given way to limited expansion abroad. Buffeted by US sanctions and oil price uncertainty, success stories in the upstream outside Russia are few and far between, particularly for state-controlled companies. Privately-owned LUKOIL stands out as the Russian player with the most sizeable and diverse upstream portfolio abroad. Powered by our Lens platform, we assess the overseas activity of the Russian companies. Please read our insight to understand: • Where are Russian companies welcome and why? • What limits are there to expansion overseas? • How material is Russian upstream investment abroad? • What next for Russian companies overseas? Please do not hesitate to contact us for more in-depth discussions on the activity of Russian upstream players.