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The article discusses the evolution and current state of transparency of environmental performance data in the Russian Oil and Gas sector. We build upon our first‐hand experience in a transparent, publicly available information and third‐party‐verified rating system. Based on 2014–16 successive annual ratings, we conclude that implementing “soft” responsibility mechanisms can improve environmental responsibility standards and transparency in the oil and gas industry. At the same time, in terms of improving environmental performance of oil and gas companies it is reasonable to assume an emerging trend. Its full realization will require (1) longer rating time, including that for public exposure to misleading environmental performance information and the use of poorly verified nonfinancial reporting; (2) application of independent analysis of satellite monitoring information to the professional audit and public verification of nonfinancial reporting; and (3) sophistication of guidelines for professional audit and public verification of nonfinancial reports.

This paper provides a comparative analysis of voluntary environmental standards in key Russian industries. Five Russian industries, namely the oil and gas, mining, power generation, forestry and financial sector, with a high economic and environmental impact were analysed in order to determine the degree of implementation of voluntary environmental standards. It was determined whether or not companies possess voluntary environmental standards and reporting, in the oil and gas, mining and electricity production industries, an ISO 14001 and/or sustainability (non-financial) reporting with confirmation by an independent third party in accordance with Global Reporting Initiative; in the forestry industry a Forest Stewardship Council certification; and in the financial sector the Equator Principles, United Nations Environmental Program Financial Initiative, Principles for Responsible Investments and Carbon Disclosure Project. The paper presents data and information on adherence to the above-mentioned standards by the main Russian companies by size in each sector. The research determined that the top performing industries are forestry and oil and gas, whereas the power generating industry and the financial sector show fairly low levels of implementation.

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