The objective of the paper consists in determining the level of awareness towards sustainability and ecological issues for Russian and Romanian oil and gas multinational companies (MNCs). Thus, we employed a qualitative approach on the issue, both by investigating the information disclosed in sustainability and/or CSR reports from a sample of Russian and Romanian corporations and by keeping trace of the adequacy of their reporting practice with the Global Reporting Initiative (GRI) standards. Our results substantiate that large South-Eastern corporations form resource-based sectors have initiated, over the last few years, coherent programs in terms of environmental reporting, which were designed to catch up with their western rivals.