In this chapter one of few studies made of banks’ internationalization process in emerging markets, focusing on behaviour relating to the political environment is presented. Aiming to understand banks’ behaviour in the Russia, an analytical framework built on the internationalization process model incorporating the impact of political environment is developed. The empirical data in the chapter concern Sweden’s four largest banks’ expansion into the Russian market and is presented in form of an long- itudinal cross-case study with secondary data between years 1990 and 2010, collected retrospectively. The secondary data consist of newspaper articles, annual reports and press releases. Findings show that in stable periods, Swedish banks have followed the pattern of the internationalization process model when expanding into the Russian market. In periods of instability, the banks’ behaviour is heterogenic and can be opportunistic or cautious.