Legal and organizational aspects of introducing ESG-standards in the Russian banking sector

Abstract

Objective : to study the processes of introduction and practical implementation of ESG standards in the Russian banking sector and to assess their impact on the prospects for the financial market development in general. Methods: logical and structural analysis, system-functional approach, formal legal method. Results : the author reveals the essence and features of such a relatively new phenomenon for the Russian banking sector as ESG-principles of doing business and responsible financing. The study reveals the prerequisites for the formation of modern ESG concepts in international practice, analyzes the possibility of their implementation in the practical activities of the Russian financial sector subjects and assesses the prospects for the Russian banking system development within the paradigm of responsible entrepreneurship and sustainable development. Scientific novelty : consists in the complex study of relations associated with the ESG principles implementation in the Russian financial sector. A distinctive feature of this work is the focus on both practical issues of implementing the ESG principles in the Russian financial sector and assessing the prospects for the ESG banking development in the Russian Federation. Practical significance : the formation of a certain theoretical basis necessary both for studying the essence of the ESG approach and the sustainable development of financial sector entities, and for developing proposals for adjusting regulatory policy in this area in the future.