Let $X$ and $Y$ be CW complexes. Fix a ring $R$.
Künneth formula says
$$ H^k(X\times Y, R)\cong \bigoplus_{r+s=k} H^r(X,R)\otimes H^s(Y,R)$$
I am not able to see a reference where it is mentioned on which ring they are taking tensor product.
I think it is over the ring $R$. As coefficients are taken in $R$, now these $H^r(X,R)$ are $R$ modules (are they free or something like that?). Thus, one can talk about tensor product of $R$ modules $H^r(X,R)\otimes_R H^s(Y,R)$.
Is this correct? Am I misunderstanding anything?