The purpose of this research is the assessment of the competitive environment in the Russian oil market. The subject-matter of the study is the Russian oil and gas companies as a basis of the Energy market. We check the hypothesis about the development of the mechanism of corrective condition in the sphere of preliminary control of market concentrations in the fuel and energy complex (FEC). The basis of this research is the modern theory of industry markets studying various structures of the markets, the behavior of their participants, probable consequences of their functioning and interaction, as well as the impact of the state on the functioning of markets, its participants, and the results of their activities. We calculated and analyzed the key indicators characterizing the processes of market concentration in the oil industry. We also considered the competition policy of the Russian Federation in mergers and acquisitions deals (M&A deals) concerning oil and gas assets. The authors estimated over 460 decisions made by the Federal Antimonopoly Service of the Russian Federation for the period from 2011 to 2015 in the control on economic concentration in fuel-and-energy industry. Based on the data characterizing the development of competitive environment, we have proved that the considered goods market belongs to markets with insufficiently developed competition. The results of the research will make a certain contribution to studying the efficiency of M&A transactions in the oil and gas industry, and also can be applied for the implementation of anti-monopoly actions by the Federal Antimonopoly Service of the Russian Federation.

Over the past ten years, an ambiguous situation concerning Russian gas companies has been observed. On the one hand, companies’ reports represent conservative policies and sustainable growth in the coming years. On the other hand, companies’ financial performance suggests another situation because of the insufficient level of financial indices that reflect the inconsistency of existing sustainable growth approaches. This situation indicates the relevance of the research concerning Russian gas companies’ financial sustainable growth in the conditions of the global economy, “economic sanctions” and investment policy implementation. The primary purpose of the research is to analyse Russian gas companies’ financial growth strategy employing Geniberg Z — matrix as well as enhanced financial sustainability indicators system indices by identifying which indicators have a greater influence on sustainable growth rate. We found that return on fixed assets ratio, net profit growth ratio, debt equity ratio influence on Russian gas companies’ sustainable growth rate and recommended for the system of financial sustainability indicators (FSIS) usage. We associate the concept of Russian gas companies’ financial sustainable growth with environmental protection, energy savings, and social factors. Thus, we added to the financial model non-financial factors. As a result of the analysis, we have obtained the dependence of Sustainable Growth Rate to Environmental Ratings as well as Return on social responsibility costs. We recommend paying more attention to the energy, social, environmental, and economic determinants that could contribute to sustainable growth. We also found that Russian gas market companies could improve Financial Strategies according to sustainable growth point of view. We suggest ways to enhance the financial strategy of Russian gas companies.