Abstract <p>This study is aimed to determine sources for funding social environmental, modernization, and conservational measures by charging full payments from industrial enterprises for environmental pollution. To attain this aim, several tasks are solved. First of all, the environmental damage caused to the territory of Vologda oblast by PAO Severstal and AO Apatite is estimated. Secondly, the payments for negative environmental impact (NEI), that are made by PAO Severstal and AO Apatite to the consolidated budget of Vologda oblast, and the actual damage from pollution arising from the operation of these enterprises are exposed to comparative analysis. Thirdly, a set of measures is proposed to fully compensate for the environmental damage caused and properly replenish sources of funding environmental quality improvement measures.</p>