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==Economy== ===Overview=== Yekaterinburg is one of the largest economic centres in Russia. It is included in the City-600 list (it unites the 600 largest cities in the world that produce 60% of global GDP), compiled by the McKinsey Global Institute, a research organisation. In 2010, the consulting company estimated the gross product of Yekaterinburg to be about $19 billion (according to the calculations of the company, it should grow to $40 billion by 2025).<ref>{{cite web|date=28 August 2014|title=Российские города отстают в развитии|url=https://iq.hse.ru/news/177666886.html|access-date=7 July 2016|publisher=[[НИУ ВШЭ]]|archive-date=5 February 2017|archive-url=https://web.archive.org/web/20170205122949/https://iq.hse.ru/news/177666886.html|url-status=dead}}</ref><ref>{{cite web|date=March 2011|title=Urban world: Mapping the economic power of cities|url=http://www.mckinsey.com/global-themes/urbanisation/urban-world-mapping-the-economic-power-of-cities|access-date=7 July 2016|publisher=[[McKinsey & Company|McKinsey Global Institute]]|archive-url=https://web.archive.org/web/20240402010617/http://www.mckinsey.com/global-themes/urbanisation/urban-world-mapping-the-economic-power-of-cities|archive-date=2 April 2024}}</ref> By volume of the economy, Yekaterinburg ranks third in the country, after Moscow and St. Petersburg. According to a research of the Institute for Urban Economics, in the ranking of the largest cities and [[Federal subjects of Russia|regional]] capital cities according to economic standards for 2015, Yekaterinburg ranked third. The city's gross urban product (GVP) was 898 billion rubles. Per capita GDP was 621.0 thousand rubles (18th place).<ref>{{cite web|title=Рейтинг столичных городов России от Фонда "Институт экономики города" {{!}} Институт экономики города|url=http://www.urbaneconomics.ru/centr-obshchestvennyh-svyazey/news/reyting-stolichnyh-gorodov-rossii-ot-fonda-institut-ekonomiki#_ftn1|access-date=20 May 2018|website=urbaneconomics.ru}}</ref> In 2015, the gross urban product of the Yekaterinburg metropolitan area amounted to 50.7 billion international dollars (the fourth place in the country) or 25.4 thousand international dollars in terms of per inhabitant of the metropolitan area.<ref>[http://www.urbaneconomics.ru/sites/default/files/ekonomika_rossiyskih_gorodov_i_gorodskih_aglomeraciy_vypusk_1_iyul_2017.pdf Economics of Russian cities and urban agglomeration], Institute for Urban Economics</ref> In the Soviet era, Yekaterinburg (as Sverdlovsk) was a purely industrial city, with a share of industry in the economy of 90% (of which 90% were in defense production). With Chelyabinsk and Perm, the three cities formed what to be the Urals industrial hub.<ref name="economika2">{{cite web|last=Алексей Белоусов, Орнат Валентина.|date=13 October 2015|title=Екатеринбург – глобальный город|url=http://www.megapolis-online.com/articles/ekaterinburg-globalniy-gorod.html|url-status=dead|archive-url=https://web.archive.org/web/20160827174558/http://www.megapolis-online.com/articles/ekaterinburg-globalniy-gorod.html|archive-date=27 August 2016|access-date=7 July 2016|publisher=Мегаполис}}</ref> The former head of Yekaterinburg, Arkady Chernetsky, has set the goal of diversifying the city's economy, which has resulted in the development of sectors such as warehousing, transportation, logistics, telecommunications, financial sector, wholesale and retail trade, etc. in Yekaterinburg.<ref name="economika2" /> Economist-geographer [[Natalia Zubarevich]] points out that at the present stage, Yekaterinburg has practically lost its industrial specialisation.<ref>{{Cite journal|last=Зубаревич Н.В.|date=2013|title=Крупные города России: лидеры и аутсайдеры|url=http://demoscope.ru/weekly/2013/0551/demoscope551.pdf|journal=Demoskop Weekly|type=журнал|edition=Демоскоп Weekly|location=М.|publisher=НИУ ВШЭ|pages=1–17|issn=1726-2887|number=551–552}}</ref> ===Living costs and the labor market=== [[File:Yekaterinburg skyline2.jpg|thumb | ''Aquamarine'' apartment complex with the topped out 188-meter [[Vysotsky (skyscraper)|Vysotsky]] skyscraper in the background]]The standard of living in Yekaterinburg exceeds the average standard across Russia. According to the Department of Sociology of the Financial University under the Government of the Russian Federation, it is among the top ten cities with the highest standard of living. Compared to other Russian cities with a population of around or over one million, in 2015, Yekaterinburg held a leading position in terms of average monthly wages and retail turnover, in terms of the total volume of investments in fourth place of fixed assets, and second place in housing placement.<ref>{{cite web|date=17 December 2014|title=Екатеринбург вошел в топ-10 городов с самым высоким уровнем жизни|url=http://www.justmedia.ru/news/society/ekaterinburg-voshel-v-top-10-gorodov-s-samym-vysokim-urovnem-zhizni|access-date=14 May 2018|website=JustMedia}}</ref><ref name=":1">{{Cite web|date=2016|title=Results of social and economic development of the municipal formation "city of Yekaterinburg" in 2015|url=https://xn--l1a.xn--80acgfbsl1azdqr.xn--p1ai/file/f178ca4ef81311e801b1264541cfcad5|page=202|via=Ekaterinburg: Department of Economics of the Administration of the City of Yekaterinburg}}</ref> [[File:Iset Tower.jpg|left|thumb|[[Iset Tower]] is a 52-story residential skyscraper and is the tallest building in Yekaterinburg. It is located within the vicinity of [[Yekaterinburg-City]]]] The average monthly wage in Yekaterinburg following the results of 2019 was 54,976 rubles. This is the first place among the millionth municipalities of the Russian Federation.<ref>{{cite web|title=Итоги социально-экономического развития Екатеринбурга|url=https://xn--80acgfbsl1azdqr.xn--p1ai/%D0%B4%D0%BB%D1%8F%D1%80%D0%B0%D0%B1%D0%BE%D1%82%D1%8B/%D1%8D%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0/%D1%80%D0%B0%D0%B7%D0%B2%D0%B8%D1%82%D0%B8%D0%B5/%D0%B8%D1%82%D0%BE%D0%B3%D0%B8|access-date=19 October 2022|archive-date=2 December 2020|archive-url=https://web.archive.org/web/20201202125522/https://xn--80acgfbsl1azdqr.xn--p1ai/%D0%B4%D0%BB%D1%8F%D1%80%D0%B0%D0%B1%D0%BE%D1%82%D1%8B/%D1%8D%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0/%D1%80%D0%B0%D0%B7%D0%B2%D0%B8%D1%82%D0%B8%D0%B5/%D0%B8%D1%82%D0%BE%D0%B3%D0%B8|url-status=dead}}</ref> There are on average 440,300 people employed by large and middle-sized organisations and companies. The unemployment rate at the end of 2015 was 0.83% of the total economically active population. Locals labelled the main problems of the city such the current state of the healthcare system, housing system, and transportation system.<ref name=":1" /><ref>{{cite web|last=Дарья Воронина.|date=19 June 2013|title=Главными проблемами Екатеринбурга назвали медицину, ЖКХ и дороги|url=https://rg.ru/2013/06/19/reg-urfo/uroven.html|access-date=7 July 2016|publisher=[[Российская газета]]}}</ref> The budget of Yekaterinburg in 2015 was executed on income in the amount of 32,063.6 million rubles, for expenses in the amount of 32,745.8 million rubles. Among the budget expenditures: 17 billion rubles were spent on education, over 1 billion rubles on culture, and about 900 million rubles on health. The main part of the revenue of the city treasury was its own tax and non-tax revenues (more than 18 billion rubles). The revenues from the regional and federal budgets were at the lowest level in 10 years. Specialists noted a decrease in tax revenues and an increase in tax debt (exceeded 2 billion rubles).<ref name=":1" /><ref>{{Cite news|last=Юлия Позднякова.|date=22 April 2016|title=Расходы бюджета Екатеринбурга за 2015 год составили почти 33 млрд рублей|work=[[Коммерсантъ]]|url=http://www.kommersant.ru/doc/2969492|access-date=7 July 2016}}</ref> The main budget expenditures are the development of the economy (which accounts for 19% of expenditures) and the social security of the townspeople (11% of expenditures go). Cities such as Perm, Kazan and Ufa, spend for these purposes in a smaller percentage of costs (from 2 to 6%). Also, a fairly strict budgetary discipline is noted—the budget deficit is kept at the level of 2% of its volume.<ref>{{cite web|last=Полина Путякова.|date=30 August 2016|title=Меряемся бюджетами: Откуда города берут деньги и на что тратят|url=http://zvzda.ru/articles/b3d00a4b81a1|access-date=7 July 2016|publisher=zvzda.ru|archive-date=2 September 2016|archive-url=https://web.archive.org/web/20160902111230/http://zvzda.ru/articles/b3d00a4b81a1|url-status=dead}}</ref> === Finance and business === [[File:E-burg asv2019-05 img11 City Pond skyline.jpg|thumb|[[Yekaterinburg-City]] along the [[Iset River]]]]Yekaterinburg is one of the largest financial and business centres in Russia, with offices of multinational corporations, representative offices of foreign companies, and a large number of federal and regional financial and credit organisations. The financial market of Yekaterinburg is characterised by stability and independence, based both on the broad presence of large foreign and Moscow credit organisations and on the availability of large and stable local financial holdings.<ref name=":7">''Kachanova E.A.'' [http://www.ranepa.ru/obyavlenia/Fevral2014/kachanova-dis.pdf Strategic Priorities for the formation of finance for municipalities in the context of reforming the budgetary system] {{Webarchive|url=https://web.archive.org/web/20171215153750/http://www.ranepa.ru/obyavlenia/Fevral2014/kachanova-dis.pdf |date=15 December 2017 }}, – Moscow: ''Russian Academy of National Economy and State Service under the President of the Russian Federation, 2013. – 354 p.''</ref> The financial sector of Yekaterinburg has more than 100 banks, including 11 foreign banks. The list of the largest Russian banks for assets for 2016 included 10 banks registered in Yekaterinburg, including but not all: Ural Bank for Reconstruction and Development, SKB-Bank, Uraltransbank, and UM Bank.<ref>{{Cite news|last=Vyacheslav|first=Kostyuk|date=12 December 2014|title=His alien|work=The Ural Worker|url=http://xn-----6kcabbhjttpdjeip1d1agppy8h0e.xn--p1ai/economy/13418/|url-status=dead|access-date=20 May 2018|archive-url=https://web.archive.org/web/20180410013614/http://xn-----6kcabbhjttpdjeip1d1agppy8h0e.xn--p1ai/economy/13418/|archive-date=10 April 2018}}</ref><ref>{{Cite news|date=25 July 2016|title=Крупнейшие банки России по капиталу|page=60|work=Журнал "Коммерсантъ Деньги"|url=http://kommersant.ru/doc/3046451|access-date=20 May 2018}}</ref> IT "SKB Kontur" from Yekaterinburg – the largest software manufacturer in Russia – first place according to the RAEX rating<ref>{{cite web|title=Крупнейшие производители ПО|url=https://raex-rr.com/business/it/rating_of_companies_by_soft_development_revenue}}</ref> Also in Yekaterinburg is the Ural headquarters of the Central Bank of Russia. Since 7 August 2017, by order of the Bank of Russia, the branches of the Siberian, Far Eastern and part of the Prevolzhsky Federal Districts have been transferred to the control of the Ural Megaregal Directorate. Thus, this is one of the three main departments of the Mega-regulator in the territory of Russia.<ref>{{cite web|title=О распределении обязанностей по контролю и надзору за соблюдением законодательства Российской Федерации организациями, осуществляющими профессиональную деятельность на рынке ценных бумаг, деятельность центрального депозитария, деятельность по проведению организованных торгов, клиринговую деятельность и деятельность центрального контрагента, репозитарную деятельность, а также деятельность саморегулируемых организаций в сфере финансового рынка, объединяющих профессиональных участников рынка ценных бумаг, и об отмене отдельных распорядительных актов Банка России, Приказ Банка России от 07 августа 2017 года №ОД-2228|url=http://docs.cntd.ru/document/456084717#|website=docs.cntd.ru}}</ref> A major role in the formation of Yekaterinburg as a business centre has its infrastructural potential, which is growing at a high rate: transport accessibility for Russian and foreign economic entities, the availability of hotels, advanced communication services, business related services (consulting, exhibition activities, etc.).<ref name=":7" /> Yekaterinburg has its own central business district, Yekaterinburg City.<ref>{{cite web|title=Падающие пиксели и огромный шар: как может выглядеть "Екатеринбург-Сити"|url=http://realty.rbc.ru/news/57d7f3a99a7947155badcd34|access-date=20 May 2018|website=РБК Недвижимость|date=13 September 2016}}</ref> ===Industry=== [[File:MainBildingUralmash.jpg|thumb|1st [[Pyatiletka]] Square, where [[Uralmash]] is headquartered]] Yekaterinburg has been a major industrial centre since its foundation. In the 18th century, the main branches were smelting and processing of metal. Since the beginning of the 19th century, machine building appeared, and in the second half of the 19th century, light and food (especially milling) industry was widely spread. A new stage in the development of production occurred during the period of industrialisation – at this time in the city, factories were built, which determined the industry specialisation of heavy engineering. During World War II, Yekaterinburg (as Sverdlovsk) hosted about sixty enterprises evacuated from Central Russia and Ukraine. As a result, there was a sharp increase in the production capacity of existing plants and the emergence of new branches of the Urals industry. At present, more than 220 large and medium-sized enterprises are registered in Yekaterinburg, 197 of them in manufacturing industries.<ref name=":7" /> In 2015, they shipped 323,288 million rubles worth of own-produced goods. Production by industry was divided accordingly: metallurgical production and metalworking 20.9%, food production 13.3%, production of electrical equipment, electronic and optical equipment 9.2%, production of vehicles 8.4%, production of machinery and equipment 6.4%, chemical production 5.5%, production of other nonmetallic mineral products 3.7%, production of rubber and plastic products 2.8%, pulp and paper production, publishing and printing 0.5%, and other 29.3%.<ref>[https://м.екатеринбург.рф/file/f178ca4ef81311e801b1264541cfcad5 Development results, 2016], pg 76</ref> Several headquarters of large Russian industrial companies are located in the city: IDGC of Urals, Enel Russia, Steel-Industrial Company, Russian Copper Company, Kalina, NLMK-Sort, VIZ-Stal, Sinara Group, Uralelectrotyazhmash, Automation Association named after academician NA Semikhatov, [[Uralmash|Ural Heavy Machinery Plant]] (Uralmash), Fat Plant, Fores, confectionery association Sladko, Machine Building Plant named after M.I. Kalinin, Ural Turbine Plant, Uralkhimmash and others.<ref>{{cite web|date=11 October 2011|title=ТОП-100 крупнейших предприятий Свердловской области Екатеринбург.|url=http://www.advis.ru/cgi-bin/new.pl?3F647903-080E-F644-A245-870082C6D478|access-date=14 June 2016|publisher=Деловой квартал}}</ref> === Retail and services === [[File:Улица Вайнера 2013-07-27.JPG|thumb|Vaynera Street, a pedestrian street with lots of retail shops]] Yekaterinburg ranks first in retail trade of the Russian Federation per capita, ahead of Moscow.<ref>{{cite web|title=ИТОГИ социально-экономического развития муниципального образования «город Екатеринбург» в 2019 году|url=https://xn--80acgfbsl1azdqr.xn--p1ai/file/21183f536e17de06f742695f1c6ec4f5|access-date=19 October 2022|archive-date=29 November 2020|archive-url=https://web.archive.org/web/20201129104216/https://xn--80acgfbsl1azdqr.xn--p1ai/file/21183f536e17de06f742695f1c6ec4f5|url-status=dead}}</ref> The consumer market contributes significantly to Yekaterinburg's economy. Revenue of retail stores in 2015 amounted to 725.9 billion rubles, and the number of retailers totaled 4,290.<ref>[https://xn--l1a.xn--80acgfbsl1azdqr.xn--p1ai/file/f178ca4ef81311e801b1264541cfcad5 Development results, 2016], p. 127–128</ref> {{As of|2016|1|1|post=,}} 36 shopping centers operate in the city, taking up a total area of which was {{cvt|1,502,700|m2}}. The availability of shopping centres per 1,000 inhabitants increased to {{cvt|597.2|m2}}.<ref name=":8">[https://xn--l1a.xn--80acgfbsl1azdqr.xn--p1ai/file/f178ca4ef81311e801b1264541cfcad5 Development results, 2016], p. 129</ref> Retail areas amounted to {{cvt|2,019,000|m2}}, with the availability of retail space reached {{cvt|1,366.3|m2}} per 1,000 inhabitants. According to these statistics, Yekaterinburg holds leading positions among other major cities of Russia. In the consumer market of Yekaterinburg, 1041 network operators are represented. The number of wholesale enterprises totalled 1,435. Among the Federal construction stores represented in the city, you can select: Leroy Merlin,<ref>{{Cite web|url=https://leroymerlin.ru/|title=Леруа Мерлен|access-date=27 April 2020|archive-date=18 October 2021|archive-url=https://web.archive.org/web/20211018171508/https://leroymerlin.ru/|url-status=dead}}</ref> Castorama,<ref>{{Cite web|url=https://www.castorama.ru/|title=Castorama – строительный гипермаркет: купить товары для дома, дачи и ремонта|website=Castorama.ru|access-date=20 February 2022}}</ref> Domostroy,<ref>{{cite web|url=https://www.domostroy-shop.ru/|title=Домострой|access-date=27 April 2020|archive-date=30 July 2019|archive-url=https://web.archive.org/web/20190730093335/https://www.domostroy-shop.ru/|url-status=dead}}</ref> Maxidom,<ref>{{Cite web|url=https://www.maxidom.ru/|title=Максидом - интернет-магазин товаров для дома|website=www.maxidom.ru|access-date=20 February 2022}}</ref> OBI,<ref>{{Cite web|url=https://www.obi.ru/|title=ОБИ строительный гипермаркет: товары для дачи, сада, дома и ремонта: каталог ОБИ|website=Obi.ru|access-date=20 February 2022}}</ref> Sdvor.<ref>{{Cite web|url=https://www.sdvor.com/|title=Строительный Двор – интернет-магазин стройматериалов, купить с доставкой строительные материалы в магазинах сети|website=Sdvor.com|access-date=20 February 2022|archive-date=13 May 2020|archive-url=https://web.archive.org/web/20200513070142/https://www.sdvor.com/|url-status=dead}}</ref> Yekaterinburg has an agricultural market named Shartashsky.<ref name=":8" /><ref>[https://xn--l1a.xn--80acgfbsl1azdqr.xn--p1ai/file/f178ca4ef81311e801b1264541cfcad5 Development results, 2016], pg 130</ref> The revenue of catering in 2015 totalled 38.6 billion rubles. The network of catering enterprises in Yekaterinburg is presented as follows: 153 restaurants, 210 bars, 445 cafes, 100 coffee houses, 582 dining rooms, 189 eateries, 173 fast-food establishments, 10 tea shops, 319 other types of institutions (buffets, cafeterias, catering companies). 82.6% of catering enterprises provide additional services to consumers.<ref>[https://xn--l1a.xn--80acgfbsl1azdqr.xn--p1ai/file/f178ca4ef81311e801b1264541cfcad5 Development results, 2016], pg 131–132</ref> The revenue of the services industry in 2015 totalled 74.9 billion rubles. The fastest pace in the city is developing hairdressing services, sewing and knitting atelier services, pawnshop services, fitness centre services. The network of public service enterprises in Yekaterinburg includes 5,185 facilities. In 2015, the provision of service areas for service enterprises totaled {{cvt|382.1|m2}} per 1,000 citizens. The highest concentration of household services is observed in the Verkh-Isetsky, Oktyabrsky and Leninsky districts.<ref>[https://xn--l1a.xn--80acgfbsl1azdqr.xn--p1ai/file/f178ca4ef81311e801b1264541cfcad5 Development results, 2016], pg 133–135</ref> Greenwich Shopping Center, {{as of|2021|lc=y|post=,}} is the largest shopping center in Europe.<ref>{{cite web|title=Топ-20 самых больших торговых центров РФ|url=https://marketmedia.ru/media-content/top-10-samykh-bolshikh-torgovykh-tsentrov-rf/|access-date=11 December 2021|website=marketmedia.ru|language=ru}}</ref> The largest store in the world by area is Sima-Land.<ref>{{cite web|title=Сима-Ленд|date=20 October 2016|url=https://www.dk.ru/news/denis-veshkurtsev-sima-lend-nash-gipermarket-budet-krupneyshim-v-mire-intervyu-237051770}}</ref> === Tourism === Yekaterinburg is a major centre for the Russian tourist industry. In 2015, the city was one of the top five most visited Russian cities (others being Moscow, St. Petersburg, [[Novosibirsk]], and [[Vladivostok]]) according to the Global Destinations Cities Index, which represents the payment system [[Mastercard]].<ref>{{Cite journal|last=Вячеславовна|first=Логунцова Ирина|date=2015|title=Специфика и перспективы Российской индустрии туризма на современном этапе|url=https://cyberleninka.ru/article/n/spetsifika-i-perspektivy-rossiyskoy-industrii-turizma-na-sovremennom-etape|journal=Государственное управление. Электронный вестник|issue=52|pages=259–278}}</ref> In recent years, a lot of work has been done to create a positive image of Yekaterinburg as a centre for international tourism, including holding of summits for the [[Shanghai Cooperation Organisation]] (SCO) in 2008 and 2009 and the international exhibition [[Innoprom]] in 2009 and 2010.<ref>{{Cite journal|last1=Геннадьевич|first1=Шеломенцев Андрей|last2=Сергеевна|first2=Головина Анна|date=2011|title=Индустрия туризма региона в контексте принципов саморегулирования региональных социально-экономических систем|url=https://cyberleninka.ru/article/n/industriya-turizma-regiona-v-kontekste-printsipov-samoregulirovaniya-regionalnyh-sotsialno-ekonomicheskih-sistem|journal=Экономика региона|issue=1|pages=166–170|issn=2072-6414}}</ref> In 2014, Yekaterinburg ranked third among Russian cities in popularity among foreign tourists after Moscow and St. Petersburg.<ref>{{Cite news|script-title=ru:Екатеринбург поднялся на третье место в топе российских городов по популярности среди иностранных туристов|language=ru|work=URBC.RU – новости экономики|url=http://urbc.ru/1068032620-ekaterinburg-podnyalsya-na-trete-mesto-v-tope-rossiyskih-gorodov-po-populyarnosti-sredi-inostrannyh-turistov.html|access-date=20 May 2018}}</ref> In 2015, the total flow of inbound tourism grew by 10% compared to the previous year and amounted to 2.1 million people.<ref>{{Cite news|title=Число посетивших Екатеринбург туристов выросло в 2015 году на 10%|url=http://tourism.interfax.ru/ru/news/articles/30976/|access-date=20 May 2018}}</ref> In recent years, there has been a tendency to reduce the role of business tourism in the overall flow: if in 2013 about 80% of trips were business, in 2015 their number was already 67%. Most tourists go to "bow to the memory of the last [czar] and his family." In addition, new tourist ideas are developing such as the Bazhov theme, the geological and mineralogical theme, industrial tourism, and the event calendar.<ref>{{cite web|title=Туристический мастер-класс|url=http://expert.ru/2016/07/1/sverdlovskaya-oblast-turizm/|access-date=20 May 2018|website=expert.ru|archive-date=13 September 2016|archive-url=https://web.archive.org/web/20160913165246/http://expert.ru/2016/07/1/sverdlovskaya-oblast-turizm/|url-status=dead}}</ref>
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