The article discusses the promising directions of clustering of the economic systems of the Volga region, as well as the localization of cluster initiatives in the economic space. The author's approach to the development of an integrated cluster model of the economic space of Russian regions is to consider innovation clusters as fundamental segments of the innovation economy. The article is devoted to the analysis of the spatial and economic conditions for regulating the processes of clustering and innovative development on the example of the Volga region. It is concluded that the current stage of the implementation of cluster policy in the Volga region is characterized by both multipolar and unipolar models of clustering the economic space. The tendencies of the formation of multicluster formations of intersectoral type, acting as poles of regional economic growth, are determined. Priority areas of interregional integration within the framework of joint cluster projects for each of the Volga regions are considered, areas of interaction with neighboring federal districts within the framework of the national cluster policy are determined.