Many international oil companies (IOCs) have sought to distance themselves from investments in the Russian upstream sector in the wake of the Russia/Ukraine conflict. In contrast, public pronouncements have been more muted to-date from many of Asia’s biggest investors in Russia’s upstream sector, namely China, India and Japan. For all countries and companies involved in the Russian upstream sector, the current crisis is a highly complex situation, interplaying geopolitics and increasingly strategic investments. For China and India’s largest NOCs – PetroChina and ONGC, respectively – Russia represents their single most important international investment. Meanwhile, Russia is the second largest overseas investment destination for Sinopec, as it is for the Japanese E&P sector in total.