This case study explores how two Finnish maritime-sector SMEs recognized business opportunities in Russia. The phenomenon is investigated through the concept of mental image. The data comprise qualitative interviews conducted in 2015–2017, during which one firm continued Russian internationalization efforts despite various challenges and the other ended up abandoning the market. The study contributes to prior studies of international opportunity recognition by emphasizing the role of mental images in the process, opening up the contents of such images and elaborating their dynamics based on events over time.