Credit rating agencies have downgraded dozens of Russian companies, following the sovereign’s cut to “junk” status in the wake of its war with Ukraine. Several major Russian firms are present and integrated in the economic activities of ASEAN+3 members, which could potentially have negative ramifications for their respective economies. Similarly, ASEAN+3 firms with businesses in Russia face increasing uncertainty and are another channel for spillovers back to the region. This note attempts to track and quantify the various channels through which sanctions on Russia’s nonfinancial firms could impact ASEAN+3 economies. The analysis also considers the exposures of ASEAN+3 nonfinancial firms to Russia, potential effects on the broader domestic economy, and any attendant implication for the region’s banks.