Implementation of ESG strategies of Russian companies under sanctions restrictions

Purpose: of the study is to analyze and determine the prospects for the implementation of ESG strategies of Russian companies in the context of escalating anti-Russian sanctions restrictions.Methods: the study is based on the application of the concept of sustainable development, evolving from the "umbrella" concept of corporate social responsibility. The application of the concept of a systematic approach and the theory of decision-making to the management of the organization allowed us to consider the possibilities of incorporating ESG principles into the development strategy of companies.Results: an assessment of the state of non-financial reporting in Russia is given, showing a significant gap between Russian companies and foreign ones in the number of published reports. The impact of Western sanctions on the disclosure of financial statements has been determined, and the relevant draft law is expected to be approved regarding the regulation of the issuance of non-financial statements, the development of which takes into account the experience of anti-Russian sanctions restrictions. It is established that in conditions of high uncertainty of the geopolitical and economic situation, Russian companies confirm their commitment to the course of sustainable development, recognizing the possibility of revising the Sustainable Development Goals, updating the ESG strategy and the portfolio of ESG projects. The prospects and tasks for the development of the ESG agenda, as well as the directions of the evolution of non-financial reporting, are determined.Conclusions and Relevance: in the face of unprecedented sanctions restrictions, Russian companies continue to follow previously adopted ESG strategies. Building business processes based on ESG principles gives undeniable advantages at different levels of the economic system: at the macro level – improving the environmental situation on a planetary scale; at the national level – progressive socio-economic development; at the micro level – increasing loyalty to the company of all its stakeholders with all the ensuing advantages. Recognizing the positive adherence of Russian companies to the global trend of issuing non-financial reports informing the public about the results of the implementation of their ESG strategies, Russian business needs to improve the quality of this activity: organize the process of preparing reports taking into account current challenges, trends, requests of the state, investors and society, objectively reflect the results in the field of ESG transformation.