Abstract: The introduction of the sanctions related to the largest Russian state-owned companies has been forced the countrys government to impose the retaliatory sanctions. As a result, in a global world, there is a situation of sanctions war. Earlier, the Russian economy significantly depended on the import of equipment that is why, it has an acute shortage in the separately nomenclature groups. Consequently, the state authorities decided to intensify the industrial policy and implement an ambitious program of import substitution. However, from the theoretical and practical point of view, the correct solution is essentially faced with a number of institutional restrictions. Therefore, its turned out that there are no institutional conditions for the development of industrial policy in the country. To change the situation, in December 2014 the state adopted two important regulatory acts: two Federal Laws; On the territories of priority social and economic development in the Russian Federation and On industrial policy in the Russian Federation. In the process of the economic development of the country, it becomes increasingly clear that the formation of the institutional environment is very important. The law development concerning the territories of priority development gives the basis to develop and realize the genesis of a new economic category-the territories of priority development.
Vladimir Osipov, Tatiana Skryl, Natalia Nevskaya and Evgeniya Shavina, 2016. The Territories of the Priority Development: Genesis of the Institutes. International Business Management, 10: 1649-1657.