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President Vladimir Putin’s domination of Russia’s politics, coupled with the apparent stability of the regime, have contributed to the relative neglect of domestic politics in explaining Russia’s foreign policy. This article seeks to overcome this lapse and argues that the evolving distribution of political and economic power under the surface of Putin’s leadership has been influencing the process and content of Russia’s foreign policy-making to a significant extent. The concentration of material resources by a number of domestic actors limited Putin’s room for maneuver and his flexibility in the area of foreign policy. The changes in the size and internal composition of Putin’s winning coalition have been reflected in shifting patterns in Russia’s international behavior. Domestic power struggles led to foreign policy outcomes inconsistent with the Kremlin’s strategic designs. These effects are unpacked by investigating the case of Russia’s policy toward Asia and its two most outstanding features: the rise of Sinocentrism and the failure to diversify energy exports to the Asian market.