Author: Andrey A. Maltsev, Dr. Sc. (Econ.), Prof., Head of Global Economy Dept., Ural State University of Economics

Abstract: In the article the possibilities of industrial growth in the old industrial region of the Middle Urals are investigated. Comparative analysis of industrial development of Sverdlovsk oblast’s leading industries during the post­crisis phase and in conditions of sanctions is carried out. There are revealed the key components of the successful industrial policy: modernization, domestic demand and state support. Reliance on exports in such a complex foreign economic and political environment can fail to produce any results, as well as the effect of import substitution policy will soon be over. Coherent industrial policy aimed at reindustrialization on innovative basis is recommended as an effective relief of foreign sanctions’ negative impact.

Keywords: global financial crisis, industry, industrial policy, reindustrialization, Sverdlovsk oblast, exports