This is the only Russian Federal Subject without a flag! As of May 22, 2010. Here is my proposal-prediction.
With the five star version they represent the five large bodies of water that Russia touches: the Pacific, Arctic, Baltic, Black, and Caspian Sea. The red stars pay homage to men and women who sacrificed their lives against the Fascist Powers of the Great Patriotic War. The red stars are outlined with white to represent the five great religious philosophies of Russia: Christianity, Judaism, Islam, Buddhism, and the various Animistic Spirit-Shaman paths.