Authors: O.Y. Kuzmina, V.V. Shishkina

Title of the article: The impact of ESG transformation on key performance indicators of Russian oil and gas companies in the context of geopolitical tensions

Year: 2026, Issue: 1, Pages: 73-82

Branch of knowledge: 5.2.3 Regional and sectoral economics

Index UDK: 336.76

DOI: 10.26730/2587-5574-2026-1-73-82

Abstract: In the context of geopolitical tensions and sanctions, ESG transformation is becoming not only a tool for sustainable development but also a factor in strategic adaptation for Russian oil and gas companies. The relevance of the study is determined by the need to identify effective models for integrating ESG principles into business processes in the new economic realities. The objective of the study is to comprehensively analyze the impact of ESG transformation on the key performance indicators of Russian oil and gas companies. The research methodology includes a systemic analysis of Lukoil Group data for 2017–2024, a comparative assessment of ESG indicator dynamics, and the calculation of their correlation with operational and financial indicators. The study revealed a trend of the company's strategic reorientation: a reduction in investments in "strategic" environmental projects while maintaining funding for basic environmental programs and strengthening the social component. It was established that ESG transformation has a complex impact on operational efficiency. The study's findings highlight the need for a pragmatic approach to ESG transformation, including the development of flexible priority systems, the implementation of a "double-effectiveness" principle for projects, and the creation of partnerships for import substitution. The study contributes to the development of ESG transformation assessment methodology by offering a comprehensive approach to analyzing the relationship between environmental, social, and governance aspects and financial performance. The findings are practical and can be used by both energy companies to optimize their ESG strategies and by regulators to develop industry sustainability standards.

Key words: ESG-transformation sustainable development sanctions restrictions corporate governance human capital adaptation mechanisms

Receiving date: 15.01.2026

Approval date: 03.02.2026

Publication date: 12.03.2026

CITE DOWNLOAD