Research Summary on ESG Policies and Regulations - Russia

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Research Summary on ESG Policies and Regulations

Russia


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Russia's ESG policies and regulations system is relatively weak, and the sustainable financial market is at the early stage. Most Russian enterprises are passive about ESG disclosure and governance. The Russian government and enterprises both lack in driving forces and effective measures to improve environmental governance, owing to the lack of external fund support and barriers to energy-intensive products' export. Although Russian government has realized the severity of a weak economy resulting from over-dependence on raw material exports, Russian leading companies, driven by foreign capital, regularly release non-financial reports to attract overseas investors, However, Russia has not introduced any mandatory regulations on ESG information disclosure.


Russia's ESG policy development is easily influenced by these leading enterprises. Russian Union of Industrialists and Entrepreneurs, as the association that gathers leading companies and organizations in all industries in Russia, has encouraged Russian enterprises to attach importance to company governance and sustainable development to some extent and promote sustainable development of the national economy through joint conventions, and compiling and issuing sustainable index. However, influenced by its own business interests, the Union displayed a conservative attitude, weakened the policies, and even hindered policies' implementation when the Russian government proposed more radical ESG policies.


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