The article analyzes the new requirements and guidelines of the international standard ISO 14001 version 2015 for environmental management systems in the context of sustainable business development with emphasis on its ‘environmental’ component. The authors studied the experience a number of Russian oil and gas companies in the implementation of the programs and the principles of sustainable development, as well as related issues, the elimination of which should be in the focus of attention of business and regulators in the transition period for the implementation of the standard.