diff --git a/arch/x86/kvm/svm/nested.c b/arch/x86/kvm/svm/nested.c
index 6e26c8e1b771..2ef31efd4c9d 100644
--- a/arch/x86/kvm/svm/nested.c
+++ b/arch/x86/kvm/svm/nested.c
@@ -1136,20 +1136,13 @@ int nested_svm_vmrun(struct kvm_vcpu *vcpu)
 	}
 
 	ret = nested_svm_copy_vmcb12_to_cache(vcpu, vmcb12_gpa);
-	if (ret) {
-		if (ret == -EFAULT)
-			return kvm_handle_memory_failure(vcpu, X86EMUL_IO_NEEDED, NULL);
-
-		/* Advance RIP past VMRUN as part of the nested #VMEXIT. */
-		if (!svm_skip_emulated_instruction(vcpu))
-			return 0;
-
-		kvm_pmu_instruction_retired(vcpu);
-		return 1;
-	}
+	if (ret == -EFAULT)
+		return kvm_handle_memory_failure(vcpu, X86EMUL_IO_NEEDED, NULL);
 
 	/*
-	 * At this point, VMRUN is guaranteed to not fault; advance RIP.
+	 * At this point, VMRUN is guaranteed to not fault; advance RIP. If
+	 * caching vmcb12 failed for other reasons, return immediately afterward
+	 * as a nested #VMEXIT was already set up.
 	 *
 	 * FIXME: If TF is set on VMRUN should inject a #DB (or handle guest
 	 * debugging) right after #VMEXIT, right now it's just ignored.
@@ -1159,6 +1152,9 @@ int nested_svm_vmrun(struct kvm_vcpu *vcpu)
 
 	kvm_pmu_instruction_retired(vcpu);
 
+	if (ret)
+		return 1;
+
 	/*
 	 * Since vmcb01 is not in use, we can use it to store some of the L1
 	 * state.