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This paper deals with economic security of Russian regions in the light of the country's entry into the World Trade Organization. Different approaches to defining regional economic security, an assessment of competitiveness of Russian regions in comparison with the regions of Europe on selected indicators of competitiveness are presented. The paper considers the determinants of competitiveness of the region through various theoretical concepts. Based on a review of empirical and theoretical literature, the tools and ways of increasing the economic security are identified: diversification of export basket in designated areas, encouraging the formation and development of industrial clusters, attraction of foreign investments that generate positive externalities and leading to increased competitiveness of domestic companies.