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The study focuses on the relationship between intercultural friendships, social identities, and well-being of ethnic Russians in three different contexts of the North and South Caucasus. We revealed the positive relations of intercultural friendships with the host society identity in all contexts and with the well-being of Russict ans in the culturally diverse contexts. Ethnic identity is positively related to the self-esteem of Russians in two more inclusive contexts, and, negatively associated with their life satisfaction in the least inclusive context. The ethnic and host society identities mediated the relationship between intercultural friendships and psychological well-being only in the most inclusive context. [ABSTRACT FROM AUTHOR]