This study examines the roles of place identity, ethnic identity and national identity as well as acculturation preferences in psychological adaptation of Russian ethnic minority members in Georgia (N=274) and Latvia (N=320). The study tests the relationships of place, ethnic and national identities, and acculturation preferences (integration, assimilation and separation) with indicators of psychological adaptation (self-esteem and satisfaction with life). The study showed that preference for integration was positively related to the self-esteem of Russians in both countries and positively related to the satisfaction with life of Russians in Georgia, while it was negatively related to the satisfaction with life among Russians in Latvia. The results revealed that relationships between different types of identities and indicators of psychological adaptation were also country - specific. Separate hierarchical multiple regression analyses showed that place identity contributed to the life satisfaction of Russians in both samples and to the self-esteem of Russians in Latvia. The results are discussed from the perspective of the specific contexts of acculturation of Russians in the two countries.