ESG principles have already become integral elements of the strategic development of the Russian banking sector. Their key value lies in creating a sustainable business model that contributes to the development of society and the environment. To implement environmental responsibility, banks employ green technologies, quit using paper transactions, and support nature conservation projects. Considering the ESG trend, banks address the needs of their clients and assist them in solving social problems, cooperating with the government to provide loans for small business development or finance social programs. Finally, recent years have seen banks actively integrate efficient risk management mechanisms to develop strategies for minimizing losses by continuously identifying potential problem areas and developing action plans in crisis situations. The evidence of the impact of ESG principles on the development of the banking sector and its economic growth becomes a result of the updated strategies of Russian banks, considering the ESG trend. The research explores how economic growth in the banking sector can be measured using the ESG strategy. The research objectives include analyzing the history of ESG principle development, defining the meaning of ESG strategy, and demonstrating that the ESG strategy plays a significant role in economic growth. Analyzing the impact of ESG principles on the activities of banks in Russia makes it possible to identify effective managerial and economic strategies for transforming processes in line with the principles of environmental responsibility. Particularly, Sberbank is conducting an analysis of its ESG strategy and developing corresponding measures for its improvement.