diff --git a/arch/x86/kvm/emulate.c b/arch/x86/kvm/emulate.c
index 35e69c2adec2..a60b4d20b309 100644
--- a/arch/x86/kvm/emulate.c
+++ b/arch/x86/kvm/emulate.c
@@ -1623,9 +1623,14 @@ static int __load_segment_descriptor(struct x86_emulate_ctxt *ctxt,
 		if (!(seg_desc.type & 8))
 			goto exception;
 
-		/* RET can never return to an inner privilege level. */
-		if (transfer == X86_TRANSFER_RET && rpl < cpl)
-			goto exception;
+		if (transfer == X86_TRANSFER_RET) {
+			/* RET can never return to an inner privilege level. */
+			if (rpl < cpl)
+				goto exception;
+			/* Outer-privilege level return is not implemented */
+			if (rpl > cpl)
+				return X86EMUL_UNHANDLEABLE;
+		}
 		if (transfer == X86_TRANSFER_RET || transfer == X86_TRANSFER_TASK_SWITCH) {
 			if (seg_desc.type & 4) {
 				/* conforming */
@@ -2220,9 +2225,6 @@ static int em_ret_far(struct x86_emulate_ctxt *ctxt)
 	rc = emulate_pop(ctxt, &cs, ctxt->op_bytes);
 	if (rc != X86EMUL_CONTINUE)
 		return rc;
-	/* Outer-privilege level return is not implemented */
-	if (ctxt->mode >= X86EMUL_MODE_PROT16 && (cs & 3) > cpl)
-		return X86EMUL_UNHANDLEABLE;
 	rc = __load_segment_descriptor(ctxt, (u16)cs, VCPU_SREG_CS, cpl,
 				       X86_TRANSFER_RET,
 				       &new_desc);