The concept of sustainable development and ESG principles of business are of key importance in the context of worsening climate and environmental problems, as well as the necessity to ensure energy security. Achieving the UN Sustainable Development Goals (SDGs) and national SDGs draws increasing attention to the issue of studying corporate practices for managing sustainable development and promoting ESG in business models. The paper examines modern aspects of managing the sustainable development of Russian companies in new economic conditions and analyzes the factors limiting the use of ESG tools in corporate strategies. The study revealed the achievements of Russian companies in the field of promoting ESG principles by the beginning of 2022. They are the formation of a corporate legal framework governing ESG aspects; integration of ESG principles into business models; development of strategies in the field of sustainable development or certain ESG aspects; alignment of corporate development goals with the UN SDGs; preparation of non-financial reporting; implementation of projects in the sphere of increasing energy efficiency, environmental protection, and social responsibility. The authors identified the main trends and problems of ESG transformation of companies caused by changes in the geopolitical and geo-economic situation in 2022. Among them are increasing the importance of the ESG social component related to the development of human resources and labor protection; reducing the level of information transparency in the field of sustainable development; contraction of volumes of the ESG bond issue; closing down the implementation of a number of environmental projects. The drivers of ESG development of companies have been identified, including climate, social and environmental risks; tightening climate and environmental regulation; reorientation of Russian business towards cooperation with partners in the Asia-Pacific region with high ESG requirements; implementation of measures of state financial support for the implementation of ESG projects.