At the initiative of the Ural Division of the Russian Academy of Sciences (RAN) and several companies and organizations in the Sverdlovsk Region and in accordance with Edict No. 22, on September 22, 1995 (in Ekaterinburg), Sverdlovsk Region Governor É. É. Rossel' revived a tradition in the Urals and allocated budgetary funds (supplemented by non-budgetary funding) for annual Demidov Prizes. The first prizes were awarded in 1995. Four prizes, each with a value equivalent to ten million U.S. dollars, are awarded each year.