This paper aims to offer readers ways of understanding and mitigating the risks posed by the current venture capital (VC) environment in Russia, whilst introducing readers to a historically lucrative asset class in a country renowned for its intellectual capital. Amidst often biased and disparate analysis within contemporary literature, we have examined the current research on Russian VC and conducted expert interviews to present a well-rounded, yet distinct perspective on operating in the industry today. We demonstrate that after weighing the primary Russia-specific risks (governmental, legal, operating) and unique selling propositions (technical talent, established scientific initiatives, a burgeoning adoptive middle class), there are two central operational strategies investors should deploy, particularly in the lower-risk technology sector: 1) concentrate on globally-oriented Russian companies utilizing local technical talent to deliver global products, or 2) concentrate on market-leading Russian companies focusing on a particular product or service for local consumption. Despite the added challenges, we believe that if approached properly, the Russian market has substantial opportunities in venture capital for the adaptive investor.