Under difficult economic conditions for Russian business, characterized by difficulties of Russian companies' access to foreign modern technologies and long-term financial resources, there is a need for elaborated industrial policy which facilitates the development of national industry and provision of economic security of the country. With current sanctions, the Russian enterprises faced the problems of impossibility of getting foreign equipment under the previously signed contracts, re-orientation of orders for the similar domestic production, and attraction of financial resources from internal sources. Solution to these problems lies in the plane of development of "new" industrial policy. The purpose of the article is to determine main directions and mechanisms for realization of measures of industrial policy which facilitates the development of domestic industrial production, implementation of achievements of scientific and technological progress into industrial processes, and import substitution of science intensive products. Realization of industrial policy of Russia supposes the formation of special conditions. These are favorable economic and socio-infrastructural conditions, attractive entrepreneurial regime, high level of training of personnel for various industries, and informational support of government structures. Activation of innovational activity requires mechanisms that ensure the improvement of conditions for fair competition and increase of motivation of companies for innovations; regulation of product markets (service markets) and sectorial regulation for distribution of leading technologies; development of the system of technical regulation, which includes harmonization of legislative basis of Russia and the EU countries in this sphere; simplification of a procedure of entry of new products into the market; simplification and quickening of the procedures of certification, including as to the international quality standards; simplification of a mechanism of import of technologies; strengthening of requirements to efficiency of enterprises' usage of natural resources, safety of products (services) for ecology and health of population, decrease of energy and materials consumption; development of the system of appropriate bonuses and sanctions, harmonization of Russian standards with international ones, particularly, in the directions that are characterized by perspectives of expansion for export of innovational products.