CONDITIONS, OPPORTUNITIES, AND ISSUES OF ACTUALIZING THE POTENTIAL FOR DEVELOPING VITICULTURE AND WINEMAKING IN CURRENT REALITIES: THE REGIONAL ASPECT OF THE RUSSIAN FEDERATION

Abstract

The paper presents the results of studies of the current state, significant trends, development potential, and funding sources of the wine industry in the Russian Federation. At the regional level, economic, natural (soil and climate), and anthropogenic factors are identified as the main factors that determine the potential for the development of viticulture and winemaking in the current conditions. The research identifies the fundamental aspects of government support for viticulture and winemaking. The paper analyzes conditions for developing the wine industry in Crimea and Sevastopol, including the financial component. In particular, the paper examines the results of analytical calculations of the financial leverage ratio for the most prominent winemaking enterprises of the Crimean Peninsula. The government support measures for the Crimean winemaking enterprises in terms of increasing the availability of long-term loans have been analyzed. The paper explores significant trends in the development of the Crimean wine industry as a whole and long-term loans to the local enterprises. The authors propose an economic and mathematical model for quantifying the cumulative effect of the following essential factors on consumer satisfaction with the price-quality ratio of wine products. One assumes that this model can form the basis for assessing the potential for developing the viticulture and wine industry at the regional level in the Russian Federation. Considering the results of the source research and financial and economic analysis carried out in the field, the paper aims to reveal the primary features and issues of the development of enterprises in the wine industry of Crimea and produce optimal solutions. The paper attempts to formulate a proposal on the expediency of using the presented research results, including a model analysis of the influence of a combination of significant factors on the development of viticulture and winemaking in the regions and develop recommendations for restoring the sustainability of wineries in modern conditions and prolonging the program of further research.