The sanctions restrictions of 2022–2024 significantly altered the conditions of corporate communication for Russian state-owned enterprises (SOEs): the regulatory framework for mandatory disclosure was narrowed, while the blocking of global digital platforms devalued companies' longstanding investments in maintaining their presence on these platforms. The purpose of this article is to analyze the transformation of SOE communication channels with stakeholders and to determine the relationship between regulatory and institutional factors shaping the nature of this interaction. The theoretical framework draws on new institutional economics; the analysis employs a three-level classification of communication channels – imperative (legally mandated), conventional (shaped by professional standards and environmental expectations), and discretionary (established at management's initiative). The article introduces the concept of compensatory transparency – a strategy of substituting reduced imperative disclosure with activity at the conventional and discretionary levels. Based on a comparative analysis of Rosatom and Rostec state corporations over the 2021–2024 period, the study demonstrates that regulatory changes did not lead to a unification of communication practices across the SOE sector but rather intensified the divergence between two models: the resource-oriented model, in which information openness provides access to external resources, and the administrative-directive model, in which public communication is limited to accountability before the state as owner. The choice of model is determined not by the regulatory framework, which is uniform across the sector, but by the stakeholder structure and legitimation transaction costs specific to each corporation.