Sergey Averin, minister for economic development in Arkhangelsk region, has left his post. His next employment will probably be in the regional department of Sberbank.

Averin has been in charge for the Ministry for 18 months. He came from Titan Development, where he was general director.

His exit is explained by some as a result of the weak economic results in the region, which was evident when a report about regional development was published in August. Arkhangelsk came in 74th place (of 83).

The most probable reason for Averin’s return to commercial business are the problems in implementing his strategy for attracting investments in the districts of Arkhangelsk oblast. As a former businessman he understands that money does not flow in by itself, and he has done a great job in trying to give the region better opportunities. But, as often is the case, it is more convenient to stick to the old system, where everything (in Arkhangelsk’s case) flows.

Averin‘s exit is a serious blow to Arkhangelsk’s possibilities of getting fresh investments - domectis and foreign - to the region.