In 1993, on the initiative of the vice-president of the Russian Academy of Sciences Gennady Mesyats and the governor of the Sverdlovsk Oblast Eduard Rossel, the Demidov Prize traditions were restored. The prize is awarded for outstanding achievements in natural sciences and humanities. The winners are elected annually among the members of the Russian Academy of Sciences. According to the tradition every year the Demidov Scientific Foundation chooses three or four academicians to receive the award. The prize includes a medal, a diploma and $10,000. The awards ceremony takes place every year at the Governor's Palace of Sverdlovsk Oblast, in Yekaterinburg, Russia. The recipients of the Prize also give lectures at the Ural State University (Demidov Lecture).