diff --git a/arch/x86/include/asm/kvm_emulate.h b/arch/x86/include/asm/kvm_emulate.h
index 77cf6c11f66b..f8e8799a8757 100644
--- a/arch/x86/include/asm/kvm_emulate.h
+++ b/arch/x86/include/asm/kvm_emulate.h
@@ -448,7 +448,7 @@ bool x86_page_table_writing_insn(struct x86_emulate_ctxt *ctxt);
 #define EMULATION_RESTART 1
 #define EMULATION_INTERCEPTED 2
 void init_decode_cache(struct x86_emulate_ctxt *ctxt);
-int x86_emulate_insn(struct x86_emulate_ctxt *ctxt);
+int x86_emulate_insn(struct x86_emulate_ctxt *ctxt, bool check_intercepts);
 int emulator_task_switch(struct x86_emulate_ctxt *ctxt,
 			 u16 tss_selector, int idt_index, int reason,
 			 bool has_error_code, u32 error_code);
diff --git a/arch/x86/kvm/emulate.c b/arch/x86/kvm/emulate.c
index 1a9fa2903852..90c495b87070 100644
--- a/arch/x86/kvm/emulate.c
+++ b/arch/x86/kvm/emulate.c
@@ -5605,12 +5605,11 @@ void init_decode_cache(struct x86_emulate_ctxt *ctxt)
 	ctxt->mem_read.end = 0;
 }
 
-int x86_emulate_insn(struct x86_emulate_ctxt *ctxt)
+int x86_emulate_insn(struct x86_emulate_ctxt *ctxt, bool check_intercepts)
 {
 	const struct x86_emulate_ops *ops = ctxt->ops;
 	int rc = X86EMUL_CONTINUE;
 	int saved_dst_type = ctxt->dst.type;
-	unsigned emul_flags;
 
 	ctxt->mem_read.pos = 0;
 
@@ -5625,7 +5624,6 @@ int x86_emulate_insn(struct x86_emulate_ctxt *ctxt)
 		goto done;
 	}
 
-	emul_flags = ctxt->ops->get_hflags(ctxt);
 	if (unlikely(ctxt->d &
 		     (No64|Undefined|Sse|Mmx|Intercept|CheckPerm|Priv|Prot|String))) {
 		if ((ctxt->mode == X86EMUL_MODE_PROT64 && (ctxt->d & No64)) ||
@@ -5659,7 +5657,7 @@ int x86_emulate_insn(struct x86_emulate_ctxt *ctxt)
 				fetch_possible_mmx_operand(ctxt, &ctxt->dst);
 		}
 
-		if (unlikely(emul_flags & X86EMUL_GUEST_MASK) && ctxt->intercept) {
+		if (unlikely(check_intercepts) && ctxt->intercept) {
 			rc = emulator_check_intercept(ctxt, ctxt->intercept,
 						      X86_ICPT_PRE_EXCEPT);
 			if (rc != X86EMUL_CONTINUE)
@@ -5688,7 +5686,7 @@ int x86_emulate_insn(struct x86_emulate_ctxt *ctxt)
 				goto done;
 		}
 
-		if (unlikely(emul_flags & X86EMUL_GUEST_MASK) && (ctxt->d & Intercept)) {
+		if (unlikely(check_intercepts) && (ctxt->d & Intercept)) {
 			rc = emulator_check_intercept(ctxt, ctxt->intercept,
 						      X86_ICPT_POST_EXCEPT);
 			if (rc != X86EMUL_CONTINUE)
@@ -5742,7 +5740,7 @@ int x86_emulate_insn(struct x86_emulate_ctxt *ctxt)
 
 special_insn:
 
-	if (unlikely(emul_flags & X86EMUL_GUEST_MASK) && (ctxt->d & Intercept)) {
+	if (unlikely(check_intercepts) && (ctxt->d & Intercept)) {
 		rc = emulator_check_intercept(ctxt, ctxt->intercept,
 					      X86_ICPT_POST_MEMACCESS);
 		if (rc != X86EMUL_CONTINUE)
diff --git a/arch/x86/kvm/x86.c b/arch/x86/kvm/x86.c
index 8eb62dbb3a18..9c53bc25aa36 100644
--- a/arch/x86/kvm/x86.c
+++ b/arch/x86/kvm/x86.c
@@ -6855,7 +6855,14 @@ restart:
 	/* Save the faulting GPA (cr2) in the address field */
 	ctxt->exception.address = cr2_or_gpa;
 
-	r = x86_emulate_insn(ctxt);
+	/*
+	 * Check L1's instruction intercepts when emulating instructions for
+	 * L2, unless KVM is re-emulating a previously decoded instruction,
+	 * e.g. to complete userspace I/O, in which case KVM has already
+	 * checked the intercepts.
+	 */
+	r = x86_emulate_insn(ctxt, is_guest_mode(vcpu) &&
+				   !(emulation_type & EMULTYPE_NO_DECODE));
 
 	if (r == EMULATION_INTERCEPTED)
 		return 1;