This study focuses on analyzing the achievements in the environmental modernization of Russia’s largest metallurgical companies and assessing changes in their financial performance under the pressure of sanctions. The selected companies include PJSC “Norilsk Nickel,” JSC “Rusal,” PJSC “Magnitogorsk Iron and Steel Works,” LLC “Metalloinvest,” and LLC “NLMK.” The research examined the environmental programs of these companies and their impact on reducing emissions of pollutants, lowering water consumption, and improving energy efficiency. It was found that, despite significant progress in environmental modernization, most companies do not publish data on the financial benefits of these programs, which complicates their economic assessment. The study also revealed that the imposed sanctions have led to a decrease in the companies' profits, an increase in the costs of implementing environmental projects, and restricted access to Western technologies. These factors have created significant financial challenges that may force companies to reconsider the budgets allocated for ESG programs in the near future. The findings highlight that companies will need to balance the fulfillment of environmental commitments with maintaining financial stability amid economic uncertainty.