Abstract: Russia’s ambitious decision to ‘rebalance’ its strategic orientation towards Asia is going relatively unnoticed, yet has the potential to generate significant regional effects. It is engaging in a large-scale military modernisation project with the intention of projecting power into Asia. Its relationship with China seems to have deepened considerably. And it is looking to consolidate new and existing partnerships in Australia’s regional area of interest in the Indo-Pacific. At the same time, Russia is seeking to tap its considerable energy and resource reserves in the Far East to become a major Asian energy supplier. This recent boldness stems from Russia’s fear of its future weakness. Moscow has no wish to become China’s raw materials supplier, but nor does it want to be a subordinate partner of the West. Instead, it seeks a degree of independence through Putin’s great power vision of Russia as a Euro-Pacific actor. Russia will by necessity have to follow through with its pivot to Asia, and this will mean an increased commitment to make gains in energy, in trade, and in military presence. Australia will need to respond to an enhanced Russian regional presence, as well as take a proactive stance to ensure competition from Moscow does not adversely affect Australian energy security. But there will also be some small incremental opportunities for Australia to re-engage with Russia, in spite of the ongoing friction in the relationship caused by the downing of Malaysia Airlines Flight 17 and Russia’s actions in Ukraine.