On the basis of the examination of Russian foreign direct investments (FDI) in Balkan countries, the paper investigates the distinctive features, expectations, and realities of Russian capital in the region. Grounding on the case of the leading Russian multinational enterprise (MNE) (Lukoil) investment activity in the Balkans, the study explains the track record of Russian investments in Balkans and discusses the key lessons learned by Russian managers and policy makers in the host countries. The paper facilitates the comparative interregional understanding of Russian FDI and generates practical implications for investments in Balkans. On the basis of the Lukoil case, the paper sheds light on factors influencing investment strategies of Russian MNEs.