The oil and gas industry remains one of the key components of the Russian economy, providing a significant share of national GDP, export revenues and energy security of the country. In the context of global economic transformations, changes in energy policy and increasing environmental requirements, the business models of the largest oil and gas companies in Russia are constantly being adapted. The effectiveness of these models is determined by their ability to integrate innovative approaches, take into account geopolitical factors and respond to the challenges of sustainable development. This article is devoted to the analysis of key elements of the business models of leading Russian oil and gas companies, such as management structure, diversification strategies, technological innovations and approaches to sustainable development. The study is aimed at identifying the factors that ensure the competitiveness and stability of these companies in a dynamically changing market