Over the past decade, investors the world over have come to realize that environmental, social, and governance (ESG) factors can serve as reliable indicators of a companys ability to achieve sustainable long-term growth and investor returns. Over 80% of the worlds largest corporations already report based on GRI or UN PRI metrics, but this trend is only beginning to gain traction in Russia. The ranks of ESG-conscious investors are growing, yet they are obliged to close positions in some of Russias best companies as these companies fail to meet ESG standards or cannot provide reliable data on their ESG metrics. Funds focusing on ESG portfolio screening have more than USD 30 trillion under management, so companies across industries can no longer ignore ESG. The Russian government is responding and state-owned companies will now be required to start disclosing non-financial ESG data as of 2020, with this requirement kicking in for all publicly-traded companies in 2021. Can Russia catch up and ultimately win the ESG race? Will ESG reporting help reverse the Russia discount trend for stocks? Who will set the benchmark for ESG in Russia?