Journal of Environmental Treatment Techniques  
2020, Volume 8, Issue 4, Pages: 1468-1479  
J. Environ. Treat. Tech.  
ISSN: 2309-1185  
Journal web link: http://www.jett.dormaj.com  
https://doi.org/10.47277/JETT/1479  
Assessment of the Level of Region Investment  
Security  
Nataliya Apatova*, Diana Burkaltseva, Elena Vorobyоva, Svetlana Gerasimova, Oleg  
Blazhevich, Amina Zharova, Julia Plaksa  
V.I. Vernadsky Crimean Federal University, 4 Vernadskogo Avenue, Simferopol, 295007, Republic of Crimea, Russia  
Received: 12/05/2020  
Accepted: 28/09/2020  
Published: 20/12/2020  
Abstract  
The purpose of the article is to assess the level of investment security in the region using the example of Crimea. All indicators of  
investment security must brought into a comparable form to calculate the integral indicator of investment security in the region. This  
requires standardization and comparison of the obtained numerical values of each indicator with its normative value. We calculate the  
integrated indicators for each group of indicators, and then we obtain the general integrated indicator of investment security. The resort  
and tourism sector, agriculture, construction, industry and the fuel and energy sectors are the most attractive for investors. The gross  
regional product (GRP) and the volume of investments in fixed assets in Crimea increased in 2014-2017. The largest share in the structure  
of investments in fixed assets occupied by investments in buildings and structures. Relatively small amounts in Crimea invested in  
housing stock. First, the Crimean economy grows; the debt burden on the region’s economy has sharply increased in 2016-2017. Second,  
crime decreased in 2016-2017. Third, investment in fixed assets is increasing; there is a decrease in the investment potential of the region  
at its own expense, but the region does not have enough foreign investment and there is a lack of investment in research. Fourth, there  
is a slowdown in the processes of capacity building and expansion of production, since the coefficients of renewal and retirement of  
fixed assets have decreased, while the fixed assets of the Crimea worn out and require updating.  
Keywords: Investment security of the region, Crimea, investments, Public administration  
1
Republic of Crimea.  
1
Introduction  
Achieving the goal requires:  
Analyze the investment activity of the Republic of  
Crimea;  
Relevance. The topic of this study is of particular interest  
•
in managing the region, and it is relevant for any region.  
Investment security is a component of the economic security of  
the region as a whole; scientists and experts pay more attention  
to the components of the country's economic security, as well  
as the economic security of the region.  
•
Assess the level of investment security of the Republic of  
Crimea.  
This is reflected in the works: on potential risks to national  
security and methods of their minimization associated with  
electronic currency [1], financial and economic security of  
business entities [2], institutional deformations in the economy  
associated with raiding, corruption, shadow economy [ 3], on  
the assessment of risks in the business environment [4], the  
activation of investment processes [5], on the innovative  
component in ensuring the security of the region, taking into  
account the theories and concepts of the formation of  
intellectual capital in an innovative society [6], on the criteria  
for identifying potential "growth points" within the framework  
of regional economic policy [7], about breakthrough  
technologies in sectors of the economy [8], about the  
sustainability of the development of the regional economy  
taking into account indicators, analysis and systematization [9].  
However, insufficient attention paid to assessments of  
investment security indicators in the region.  
2 Methodology  
Indicators of investment security in the region include  
general indicators of the investment environment; indicators of  
investment resources; indicators of the results of using  
investment resources. All indicators of investment security  
must brought into a comparable form to calculate the integral  
indicator of investment security in the region. It is required to  
carry out standardization, to compare the obtained numerical  
value of each indicator with its normative value. The  
calculation of integral indicators carried out for each group of  
indicators, and then the total integral indicator of investment  
security is calculated. We will identify if any factors have  
changed. And how these factors affected the investment  
opportunities of the region. We will use a correlation analysis,  
a factor analysis. To do this, analyze the investment activity of  
the Republic of Crimea, assess the level of investment security  
of the Republic of Crimea. Accordingly, we used, first of all,  
literature sources to select and expand the recommended  
indicators and standard values.  
The purpose of the article is to assess the level of  
investment security in the region using the example of the  
Corresponding author: Nataliya Apatova, V.I. Vernadsky Crimean Federal University, 4 Vernadskogo Avenue, Simferopol, 295007,  
Republic of Crimea, Russia. E-mail: apatova@list.ru  
1468  
Journal of Environmental Treatment Techniques  
2020, Volume 8, Issue 4, Pages: 1468-1479  
Yevpatoriya”, initiated by Petrokomplekt LLC, with a total  
investment of 2.5 billion rubles, including capital investments  
of 2.0 billion rubles, etc. Investment projects are the  
supervision of members of the Council of Ministers of the  
Republic of Crimea, depending on the volume of investments.  
The purpose of supervision is to improve the quality and speed  
of preparation of documents, their interagency coordination  
and the practical implementation of investment projects in the  
Republic of Crimea. Support for investment projects concluded  
in accordance with the Procedure, with an investment volume  
of 5 billion rubles or more, is assigned to the Head of the  
Republic of Crimea.  
On July 2, 2019, the Law on Investment Policy and State  
Support for Investors in the Republic of Crimea and on  
Amending Certain Laws of the Republic of Crimea adopted.  
The best practices of the National Investment Climate Rating,  
as well as the Standards for the activities of executive  
authorities of the constituent entities of the Russian Federation  
to ensure a favorable investment climate in the region are in the  
process of implementation. The Republic of Crimea rose by 20  
points and took 64th place following the results of the St.  
Petersburg International Economic Forum in 2017 compared to  
3
Results and discussion  
General characteristics of the investment environment of  
the Republic of Crimea. The Republic of Crimea established as  
part of the Russian Federation on March 18, 2014. The capital  
of the Republic of Crimea is the city of Simferopol. The area of  
the Republic of Crimea is 26081 square km.; the population is  
2
million people. Ten cities of the Republic are in the ranking  
of the best resorts in Russia. Crimea has five large seaports, 600  
industrial enterprises, and 700 thousand hectares of sown area.  
Today Crimea is a popular tourist destination that attracts  
guests with a wonderful climate, warm sea, and variety of  
natural landscapes, which create many of opportunities for  
active pastime and recreation. Crimea is the most multinational  
region; more than a hundred nationalities live on the peninsula.  
The Republic of Crimea has a favorable economic and  
geographical position, washed by the waters of two seas - Black  
and Azov. The length of the coastline of the peninsula is 2500  
thousand km. Free economic zone (SEZ) operates in the  
Crimea, its benefits include exemption from tax on property of  
organizations for 10 years, lower tariffs on insurance premiums  
(
7.6% in total), free customs zone, exemption from payment of  
land tax for organizations on 3 years, reduced income tax rates  
from 2%), and accelerated depreciation (with a coefficient of  
up to 2) [10]. FEZ participants carry out activities in industry  
106 investment projects); agriculture, including fishing (28  
2016. The "Center for Investment and Regional Development"  
(
operates in the Republic of Crimea, on its basis the Center for  
Cluster Development and JSC "Development Corporation of  
the Republic of Crimea” created. The tasks of the Centers are  
consulting support of investors, project support, provision of  
services to subjects of investment activities related to the  
preparation and implementation of projects on a “one-stop-  
shop” basis. The geography of investors is expanding.  
Currently, in the Republic of Crimea, about 2,930 legal entities  
registered the founders of which are foreign organizations (595)  
and individuals (2335) from 33 countries. These are companies  
and individuals from Ukraine, Cyprus, the Virgin Islands, Great  
Britain, Austria, Belize, Panama, Seychelles, Turkey, etc.  
Currently, work with investors implementing projects on  
the territory of the Republic of Crimea built using the project  
management system, which reduce the time for approval of  
investment projects, simplify the process of monitoring their  
implementation, and enable the investor to track the process of  
approval of the project in the "personal account". The automatic  
information system for project management successfully  
operates on the site pm.rk.gov.ru. According the Decree of the  
Council of Ministers of the Republic of Crimea “On approval  
of the Regulation on the project management system in the  
executive bodies of state power of the Republic of Crimea and  
local authorities of municipalities in Republic of Crimea”  
(
projects); in the social sphere and medicine (13 projects);  
construction (61 projects); transport (22 projects); fuel and  
energy industry (9 projects); in trade (51 projects); in the  
service sector (124 projects) [11]. The Republic of Crimea and  
Sevastopol entered the category of moderate investment  
attractiveness (IC9) according to the annual rating of  
investment attractiveness of the regions of Russia; the rating  
compiled by the National Rating Agency in 2017. These  
regions participated first time in the ranking. This result  
obtained due to infrastructure and institutional problems, as  
well as significant investment risks generated by international  
sanctions [12].  
The leadership of the Republic of Crimea contributes to the  
investment attractiveness of the peninsula. The Republic of  
Crimea has a Procedure for considering investors ’appeals and  
concluding agreements on the implementation of investment  
projects in the Republic of Crimea. The Procedure approved by  
the Decree of the Council of Ministers of the Republic of  
Crimea dated 07.10.2014 No. 368 and provided for a 30-day  
period for considering an investor’s appeal and concluding an  
investment agreement with him. There are 182 investment  
projects implemented in accordance with the Procedure within  
the framework of the signed Agreements (taking into account  
the terminated and suspended agreements); total investment is  
(
dated July 25, 2017 No. 371) the main regulatory framework  
was developed and approved. It regulates project activities in  
the territory of the Republic of Crimea. The Project Committee  
of the Republic of Crimea and the Central Project Office  
worked from 2017. Functional and municipal project offices,  
respectively, created in the executive bodies of state power and  
municipalities. A motivation system for participants in project  
activities was developed, which approved by Decree of the  
Council of Ministers of the Republic of Crimea dated  
1
90.5 billion rubles. A result of these projects, about 15.6  
thousand jobs created. The resort and tourism sector,  
agriculture, construction, industry and the fuel and energy  
sector are the most attractive for investors. The following major  
investment projects implemented. Investment project  
“
Construction of a new airport complex at Simferopol Airport”  
with an investment volume of about 22.7 billion rubles. This is  
one of the largest investment projects in the recent history of  
Crimea. Investment project “Construction of the “Belogorsky”  
greenhouse plant in the Republic of Crimea”, initiated by  
05.12.2017 No. 654 “On approval of the Regulation on  
motivation for participants in project activities in the executive  
bodies of state power of the Republic of Crimea”. According to  
the results of evaluating the implementation of project  
management, the Republic of Crimea took the third prize in the  
annual competition for professional project management in the  
public sector “Project Olympus”, held by the Analytical Center  
under the Government of the Russian Federation. The Regional  
Certification Center registered in the Center for Investment and  
Regional Development. Currently, work is underway to  
“
Belogorsky” Greenhouse Plant LLC, with an investment  
volume of 3.9 billion rubles; Investment project  
Multifunctional Sports and Recreation Complex", initiated by  
Ecological and Tourist Center in Parkovoy” LLC, with a total  
investment of 9.7 billion rubles; Investment project  
Construction of a residential complex in the city of  
"
“
“
1469  
Journal of Environmental Treatment Techniques  
2020, Volume 8, Issue 4, Pages: 1468-1479  
organize training and certification, a training schedule formed,  
lists of future participants in certification tests are compiling  
increasing in the economy of the Republic of Crimea (Figure  
2). During the analyzed period, the volume of investments in  
fixed assets of the Republic of Crimea increased by an average  
of 35%, but investments increased 2.3 times in 2017 compared  
to 2016. The structure of investments in fixed assets of the  
Republic of Crimea by sources of financing is in Figure 3.  
[13]. In the Republic of Crimea, the economic potential is  
growing and the gross regional product is increasing (Figure 1).  
4
3
3
2
2
1
1
00  
50  
00  
50  
00  
50  
00  
341  
3
16  
2
66  
93.8  
100  
1
89  
5
0
0
3
0.6  
1
4.7  
15.3  
15.5  
1
1.5  
5
.56.7  
014  
5
0
0
2
2015  
2016  
2017  
2
0 1 4  
2 0 1 5  
2 0 1 6  
2 0 1 7  
Own funds  
Figure 1: Dynamics of the gross regional product of the Republic of  
Crimea in 2014-2017, billion rubles (Source: compiled by the authors  
based on [14])  
Involved funds  
Funds from the federal budget  
Figure 3: Structure of investments in fixed assets of the Republic of  
Crimea by sources of financing in 2014-2017, billion rubles (Source:  
compiled by the authors based on [15])  
2
2
1
1
50  
00  
50  
00  
1
95.4  
As the diagram in Figure 3, the amount of borrowed funds  
in fixed assets increases significantly during the analyzed  
period, while the growth rate of own invested funds is low.  
Thus, the structure of investments is greatly changing, and  
borrowed funds occupy an increasing share than their own. In  
the structure of attracted investments, the largest share  
occupied by budget funds, namely, revenues from the federal  
budget, which occupy 21.6%, 17.5%, 35.5%, 74.6% of total  
investments in fixed assets according to the years of the study.  
The structure of investments in fixed assets of the Republic of  
Crimea by type of investment presented in Figure 4. According  
to Figure 4, the largest share in the structure of investments in  
fixed assets occupied by investments in buildings and  
structures, while they increased during 2014-2017. Investments  
in dwellings were in second place, but in subsequent years,  
investments in machinery and equipment took second place,  
vehicles, inventory in 2014. Relatively small amounts in the  
Republic of Crimea invested in housing.  
74.8  
4
7.6  
5
0
0
26.5  
Investments in fixed assets, bln. rub.  
014 2015 2016 2017  
2
Figure 2: Dynamics of investments in fixed assets of the Republic of  
Crimea in 2014-2017 (Source: compiled by the authors based on [15])  
The physical volume of the gross regional product (GRP)  
of Crimea increased by 8.5% in 2015; according to this  
indicator, Crimea took the 2nd place among the regions of  
Russia. GRP of Crimea grew by 6.0% in 2016. Crimea's  
economy grew by 10% in 2017 (record growth over the past  
decade). At the same time, the volume of investments is also  
100  
8
6.9  
90  
80  
70  
60  
50  
40  
30  
20  
10  
0
33.5 32.2  
2
1.2  
1
8.9  
10.2  
11.8  
.1  
7
.6  
9.4  
6.6  
5
7.4  
014  
1
.3  
2.5  
1.5  
1.8  
2
2015  
2016  
2017  
In dwellings  
Into buildings and structures  
In machinery, equipment, vehicles, inventory  
Other  
Figure 4: Structure of investments in fixed assets of the Republic of Crimea by type of investments in 2014-2017, billion rubles (Source: compiled by  
the authors based on [15])  
1470  
Journal of Environmental Treatment Techniques  
2020, Volume 8, Issue 4, Pages: 1468-1479  
Table 1: Analysis of indicators necessary to assess the investment security of the Republic of Crimea for 2014-2016  
Abs.  
off  
Relevance  
off 2015/  
2014  
Abs. off  
2016-  
2015  
Relevance  
off. 2016/  
2015  
2
014  
2015  
2016  
Normative  
Trend  
2
015-2014  
General indicators of the investment environment  
GRP, million  
rubles.  
Volume of gross  
regional product  
per capita,  
1
189439,2  
265970,6  
76531,40  
39,54  
40,40  
39,57  
315918,5  
165,21  
49947,90  
25,75  
18,78  
18,46  
257109,4  
134,87  
Increase  
Increase  
2
99,92  
139,46  
thousand rubles  
The ratio of  
public debt to  
GRP ,%.  
The number of  
crimes per 100.0 962,50  
thousand people  
3
4
0,25  
0,15  
-0,10  
-38,99  
51,68  
1,68  
1,52  
1000,83  
-14,94  
0,69  
Decrease  
Decrease  
1459,91  
497,41  
1241,87  
-218,04  
1221,43  
Investment Resource Indicators  
Investments in  
1
2
fixed assets,  
million rubles.  
Investments in  
fixed assets to  
GRP,%  
26446,8  
13,96  
47582,3  
17,89  
21135,50  
3,93  
79,92  
28,15  
74795,3  
23,68  
27213,0  
5,79  
57,19  
32,34  
49608,13  
25,00  
Increase  
Increase  
Volume of  
investments in  
fixed assets per  
capita, rubles.  
Coefficient of  
investment at  
the expense of  
own funds,%  
The share of  
investment in  
fixed assets of  
foreign  
3
4
13,95  
45,10  
24,95  
47,00  
11,00  
1,90  
78,86  
4,21  
39,11  
33,40  
14,16  
56,77  
26,00  
37,00  
Increase  
Increase  
-13,60  
-28,94  
5
7,21  
3,33  
-3,88  
-53,78  
3,44  
0,11  
3,16  
20,00  
Increase  
ownership,%  
Investment Resource Use Results  
Internal research  
1
0,27  
0,46  
0,19  
71,97  
0,45  
-0,02  
-3,89  
2,00  
Increase  
Increase  
costs,% of GRP  
Commissioning  
of new fixed  
assets, million  
rubles  
2
11692,0  
25994,0  
14302,00  
122,32  
59441,7  
33447,7  
128,67  
32375,90  
The share of  
input of new  
fixed assets in  
the total receipt  
of fixed assets  
The coefficient  
of renewal of  
fixed assets,%  
The ratio of the  
3
2,77  
9,44  
6,67  
240,56  
49,92  
40,48  
428,80  
20,71  
Increase  
4
5
34,19  
13,54  
3,81  
-20,65  
2,50  
-60,40  
190,84  
5,79  
2,94  
-7,75  
-0,87  
-57,24  
-22,83  
18,00  
5,00  
Increase  
Increase  
disposal of fixed 1,31  
assets,%  
The coefficient  
of depreciation  
of fixed assets,  
6
7
70,50  
71,50  
44,60  
1,00  
1,42  
69,80  
43,10  
-1,70  
-1,50  
-2,38  
-3,36  
40,00  
38,53  
Decrease  
Increase  
%
.
The share of  
investments in  
the active part  
of fixed assets  
in the total  
27,90  
16,70  
59,86  
amount  
Table 2: Analysis of indicators necessary to assess the investment security of the Republic of Crimea for 2014-2017  
1471  
Journal of Environmental Treatment Techniques  
2020, Volume 8, Issue 4, Pages: 1468-1479  
Relevanc  
e off  
Relevanc  
Abs. off  
2017-  
Abs.  
off  
Abs. off  
2016-  
2015  
Relevance  
off. 2016/  
2015  
e off.  
2017/  
2016  
Normat  
ive  
2014  
2015  
2016  
2017  
Trend  
2015/  
2015-2014  
2016  
2014  
General indicators of the investment environment  
GRP, million  
rubles.  
Volume of  
gross regional  
product per  
capita,  
26597  
0,6  
323552,1  
1
49947,90  
00  
7633,610  
0
273720  
,10  
Increa  
se  
1
89439,2  
9,9205  
315918,5  
165,2121  
76531,4  
40,3989  
39,5744  
18,7795  
18,4627  
2,4163  
2,2612  
139,4  
634  
Increa  
se  
9
168,9479  
1,3330  
39,5429  
25,7487  
1,5246  
3,7358  
143,39  
0,85  
thousand  
rubles  
The ratio of  
public debt to  
GRP, ,%.  
The number  
of crimes per  
0,152  
Decre  
ase  
0,2497  
1,6769  
-0,0974  
-38,9912  
51,6796  
1000,8257  
-14,9355  
-0,3440  
-20,5118  
-8,7122  
3
1
9
459,  
130  
1241,868  
0
1133,674  
5
-
-
1199,4  
9
Decre  
ase  
100.0  
962,4980  
497,4149  
218,0450  
108,1935  
thousand  
people  
Investment Resource Indicators  
Investments in  
4
7582  
27213,00  
00  
120581,5  
000  
86050,  
30  
Increa  
se  
fixed assets,  
million rubles.  
Investments in  
fixed assets to  
GRP,%  
26446,8  
13,9606  
74795,3  
23,6755  
195376,8  
60,3850  
21135,5  
3,9295  
79,9170  
28,1470  
57,1914  
32,3389  
161,2153  
155,0525  
,3  
1
0
7,89  
1
Increa  
se  
5,7854  
36,7095  
62,9043  
28,98  
45,01  
Volume of  
investments in  
fixed assets  
per capita,  
2
0
4,95  
1
Increa  
se  
13,9495  
39,1148  
33,4000  
3,4375  
102,0191  
14,2000  
1,2000  
11,0006  
1,9001  
78,8604  
4,2130  
14,1647  
56,7722  
-28,9363  
3,1630  
160,8198  
-57,4850  
-65,0914  
rubles.  
Coefficient of  
investment at  
the expense of  
own funds,%  
The share of  
investment in  
fixed assets of  
foreign  
47,00  
00  
Increa  
se  
45,1000  
-13,6001  
0,1054  
-19,2000  
-2,2375  
34,92  
3,79  
3,332  
Increa  
se  
7,2092  
-3,8771  
-53,7795  
1
ownership,%  
Analysis of the investment activity of the Republic of  
Crimea  
in 2015 in relation to 2014. GRP was less than the average for  
the analyzed periods in 2014-2015, and above the average in  
2016-2017. Based on these data, we can conclude that, the  
economy of the region is growing. The dynamics of gross  
regional product per capita presented in Figure 6.  
Let us analyze the indicators necessary for assessing the  
investment security of the Republic of Crimea and their  
standards for 2014-2016. (Table 1). Consider the indicators in  
the first two groups separately because there are data for 2017  
and average annual values (standards) in these groups will  
differ for 2014-2017, (Table 2). The first group of indicators of  
investment safety is general indicators of the investment  
environment. GRP dynamics shown in Figure 5.  
168.9479  
165.2121  
1
1
140  
1
1
80  
60  
143.3859  
99.9205  
139.4634  
20  
00  
80  
60  
2
73720.1025  
65970.6  
3
15918.5  
323552.11  
3
3
2
2
1
1
50000  
00000  
50000  
00000  
50000  
00000  
2
4
2
0
0
0
1
89439.2  
2
014  
2015  
2016  
2017  
5
0000  
0
2
014  
2015  
2016  
2017  
Volume of gross regional product per capita, thousand  
Normative  
Figure: 6. Dynamics of gross regional product per capita of the  
Republic of Crimea for 2014-2017, thousand rubles (Source: compiled  
by the authors based on [14, 16])  
GRP, million rubles  
Normative  
Figure 5: Dynamics of GRP of the Republic of Crimea for 2014-2017  
(
Source: compiled by the authors based on [14])  
The gross regional product per capita, like the previous  
indicator for the analyzed period, increased by 69.0824%. This  
indicator increased to the greatest extent by 39.5744% in 2015  
compared to 2014 an increase of 18.4627% in 2016 compared  
GRP of the Republic of Crimea increased by 70.7947%  
during 2014-2017. The largest increase is 40.3989% occurred  
1472  
Journal of Environmental Treatment Techniques  
2020, Volume 8, Issue 4, Pages: 1468-1479  
to 2015 and by 2.2612% in 2017. The ratio of public debt to  
GRP presented in Figure 7. The ratio of public debt to GRP had  
different dynamics in 2014-2016. It decreased from 0.25% to  
250000  
1
95376.8  
2
1
00000  
50000  
0
2
.15% in 2015 compared to 2014 and increased to 1.68% in  
016 compared to 2015. This happened because the  
8
6050.3  
government debt of the Republic of Crimea increased sharply  
in December 2016. Such a sharp increase in public debt  
negatively affected the investment security of Crimea, as it  
reduces the possibility of economic growth due to the  
expenditure of part of the GRP on debt repayment. The  
analyzed indicator decreased by 20.5218% in 2017, which is a  
positive trend. The dynamics of the number of crimes per 100.0  
thousand people shown in Figure 8.  
100000  
74795.3  
2016  
4
7582.3  
2015  
2
6446.8  
5
0000  
0
2
014  
2017  
Fixed capital investments, rub mln  
Normative  
Figure 9: Dynamics of investments in fixed assets of the Republic of  
Crimea in 2014-2017, Million rubles (Source: compiled by the  
authors based on [19])  
1
.6769  
1
1
1
1
.8  
.6  
.4  
.2  
1
.8  
.6  
.4  
.2  
0
1
.333  
Investments in fixed assets of the Republic of Crimea  
increased 7.4 times during 2014-2017. However, investments  
in fixed assets were below average in 2014-2016 and above the  
average in 2017, since they have significantly increased in  
absolute value over this period. This situation indicates an  
increase in the investment security of the region. The dynamics  
of the volume of investments in fixed assets to GRP presented  
in Figure 10.  
0
.853  
0
0
0
0
0
.2497  
0.1523  
2015  
2
014  
2016  
2017  
Ratio of public debt to GRP, %  
Normative  
7
6
0
0
6
0.385  
Figure 7: Dynamics of the ratio of public debt to GRP of the Republic  
of Crimea for 2014-2017 % (Source: compiled by the authors based on  
50  
[
17])  
4
3
0
0
2
5
23.6755  
2016  
1
7.8901  
2015  
1
459.913  
13.9606  
1
1
1
1
600  
400  
200  
000  
20  
10  
0
1241.868  
1
133.6745  
9
62.498  
1
199.4884  
2014  
2017  
8
6
4
2
00  
00  
00  
00  
0
Investment in fixed assets to GRP, %  
Normative  
Figure 10: Dynamics of the volume of investments in fixed assets to  
GRP of the Republic of Crimea for 2014-2017, % (Source: compiled  
by the authors based on [14, 19])  
2
014  
2015  
2016  
2017  
The volume of investments in fixed assets to GRP for the  
analyzed period increased from 13.9606 to 60.3850%. This  
happened because the growth rate of investments in fixed assets  
is higher than the growth rate of GRP. However, the norm of  
this indicator not achieved in 2014-2016. The share  
investments in the GRP of the Republic of Crimea exceeded the  
normative value in 2017 because the investments increase in  
absolute terms. The volume of investment in fixed assets per  
capita shown in Figure 11. The volume of investment in fixed  
assets per capita increases in 2014-2017; this indicator was  
below the average in 2014-2016 and more than 2 times, above  
the average in 2017. An increase in this indicator contributes to  
the socio-economic development of the region. The investment  
ratio at the expense of own funds presented in Figure 12. The  
investment ratio at the expense of own funds increased by 2  
points and amounted to 47% in 2015 compared to 2014. This  
indicator decreased to 33.4% in 2016 and then it decreased to  
The number of crimes, per 100.0 thousand people  
Normative  
Figure 8: Dynamics of the number of crimes per 100.0 thousand people  
of the population of the Republic of Crimea for 2014-2017 (Source:  
compiled by the authors based on [18])  
The number of crimes per 100 thousand people increased  
by 51.68% in 2015; the indicator decreased by 23.6477% in  
016-2017 and the region’s investment attractiveness for crime  
2
has increased over the years.  
The second group of indicators - indicators of investment  
resources  
The dynamics of investment in fixed assets presented in  
Figure 9.  
14.2% in 2017. The indicator of investing at the expense of own  
funds was below the normative value in the last 2 years. Thus,  
the region’s own investment potential decreased and the share  
of attracted investments increased, namely, investments from  
1473  
Journal of Environmental Treatment Techniques  
2020, Volume 8, Issue 4, Pages: 1468-1479  
the federal budget of the Russian Federation in 2016. The share  
of investments in fixed assets of foreign ownership presented  
in Figure 13.  
The third group of indicators of investment security in the  
region is indicators of the results of the use of investment  
resources  
The indicator of the region’s internal expenditures on  
scientific research for GRP shown in Figure 14.  
1
1
20  
00  
1
02.0191  
2
.5  
2
8
6
4
2
0
0
0
0
0
4
5.0084  
3
9.1148  
2016  
2
24.9501  
2015  
1.5  
1
1
3.9495  
0
.4647  
0.4466  
2016  
0
.2702  
0
.5  
0
2
014  
2017  
Per capita investment in fixed assets, thousand rubles  
Normative  
2014  
2015  
Internal expenditures for scientific research, % of GRP  
Normative  
Figure 11: The dynamics of the volume of investment in fixed assets  
per capita in the Republic of Crimea in 2014-2017, rubles (Source:  
compiled by the authors based on [15, 16])  
Figure 14: Dynamics of internal research costs to GRP of the Republic  
of Crimea for 2014-2016, % (Source: compiled by the authors based on  
[20])  
4
7
5
4
3
2
1
0
0
0
0
0
0
45.1  
3
7
The share of domestic research expenditures in GRP  
33.4  
increased in 2015, as the volume of expenditures increased. The  
considered indicator slightly decreased and amounted to 0.45%  
in 2016, while the recommended value is 2%. Thus, the  
Republic of Crimea does not have enough investment in  
scientific research. The rate of commissioning of new fixed  
assets presented in Figure 15.  
14.2  
2
014  
2015  
2016  
2017  
7
6
5
0000  
0000  
0000  
Investment ratio at the expense of own funds, %  
Normative  
59441.7  
3
2375.9  
Figure 12: Dynamics of the coefficient of investment at the expense of  
own funds of the Republic of Crimea for 2014-2017, % (Source:  
compiled by the authors based on [19])  
40000  
3
2
1
0000  
0000  
0000  
0
25994  
11692  
2
2
1
1
5
0
5
0
5
0
2
0
2
014  
2015  
2016  
Commissioning of new fixed assets, mln. rub.  
Normative  
7.2092  
Figure 15: Dynamics of water into action of new fixed assets in the  
Republic of Crimea for 2014-2016, million rubles (Source: compiled  
by the authors based on [20])  
3
.3321  
3.4375  
2016  
1
.2  
2
014  
2015  
2017  
More and more new fixed assets introduced in the Republic  
of Crimea for 2014-2016. Fixed assets maintained for a total  
amount of 97,127.7 million rubles during the analyzed period.  
The largest number of fixed assets of 59,441.7 million rubles.in  
Share of investments in fixed assets of foreign ownership,  
%
Normative  
2
016. The share of new fixed assets in the total revenue shown  
Figure 13: Dynamics of the share of investments in fixed assets of  
foreign ownership in the Republic of Crimea for 2014-2017,% (Source:  
compiled by the authors based on [15])  
in Figure 16. The share of new fixed assets in the total volume  
of receipt of fixed assets increased in 2.27 to 49.92% in the  
Republic of Crimea for 2014-2016. At the same time, the  
largest increase occurred by 40.48% in 2016 compared to 2015.  
The indicator in question was above the average only in 2016.  
The coefficient of renewal of fixed assets presented in Figure  
The share of investments in fixed assets of foreign  
ownership decreased from 7.21% to 3.33% in 2015 compared  
to 2014. A slight increase in this indicator occurred in 2016,  
and it amounted to 3.44%; there was a decrease to 1.2% again  
in 2017, the standard for this indicator is 20%. Thus, the region  
does not have enough foreign investments, but their attraction  
limited by sanctions now.  
1
3
7. The coefficient of renewal of fixed assets was equal to  
4.19; it fell to 13.54 in 2015 and to 5.79 in 2016. The  
coefficient was less than the normative value equal to 18 in  
015-2016. Thus, in the Republic of Crimea there are slow  
processes of capacity building and expansion of production.  
2
1474  
Journal of Environmental Treatment Techniques  
2020, Volume 8, Issue 4, Pages: 1468-1479  
The fixed asset retirement rate shown in Figure 18. The fixed  
asset retirement rate increased from 1.31% to 3.38% in 2015  
compared with 2014, however, there was a reverse trend and  
the retirement rate became 2.94 in 2016 compared to 2015. The  
standard for this indicator is 5%. Of course, we cannot say that  
the economy of the Republic of Crimea is stagnating, but the  
economy did not rise in 2016, as the fixed asset retirement rate  
decreased. The depreciation coefficient of fixed assets shown  
in Figure 19. Depreciation ratios of fixed assets exceed the  
standard by 1.75 times, for 2014-2016, so the fixed assets of the  
Republic of Crimea very worn out and require updating, which  
means additional investments. The share of investments in the  
active part of fixed assets in the total amount shown in Figure  
reverse dynamics was in 2016 and the indicator decreased to  
43.10% to 2015. The analyzed indicator was above the average  
in 2015-2016, which means that the share of investments in the  
active part of fixed assets was sufficient. We can made the  
following conclusions according to the analysis of indicators of  
investment security of the Republic of Crimea [21-28]:  
- Crimean economy is growing.  
- The debt burden on the economy of the region sharply  
increased in 2016.  
- The crime decreased in 2016.  
- Investments in fixed assets are increasing, but their share  
in GRP is not enough for the full development of the economy.  
- The investment potential decrease due to own funds.  
- The region does not have enough foreign investment.  
2
0.  
-
-
There is a lack of investment in research.  
There is a slowdown in the processes of capacity building  
6
5
4
3
2
1
0
0
0
0
0
0
and expansion of production, since the coefficients of renewal  
and retirement of fixed assets have decreased.  
4
9.924  
-
Fixed assets of the Republic of Crimea worn out and  
require updating.  
2
0.7124  
9
.441  
8
7
6
5
0
0
0
0
70.5  
71.5  
69.8  
2.7722  
014  
0
2
2015  
2016  
Share of new fixed assets input in the total receipt of  
fixed assets  
Normative  
40  
30  
40  
2
1
0
0
0
Figure 16: Dynamics of the share of commissioning of new fixed assets  
in the total volume of receipt of fixed assets in the Republic of Crimea  
for 2014-2016, % (Source: compiled by the authors based on [20])  
2
014  
2015  
2016  
Fixed assets depreciation rate, %  
Normative  
4
3
2
1
0
0
0
0
0
3
1.19  
Figure 19: Dynamics of the depreciation rate of fixed assets of the  
Republic of Crimea for 2014-2016 % (Source: compiled by the authors  
based on [20])  
1
8
1
3.54  
5.79  
5
4
3
2
0
0
0
0
44.6  
43.1  
2
014  
2015  
2016  
Normative  
27.9  
Fixed assets renewal ratio, %  
38.53333333  
Figure 17: Dynamics of the coefficient of renewal of fixed assets of  
the Republic of Crimea for 2014-2016 % (Source: compiled by the  
authors based on [20])  
10  
0
2
014  
2015  
2016  
6
Share of investments in the active part of fixed assets  
in the total amount  
5
5
3
.81  
4
3
2
1
0
Normative  
2
.94  
Figure 20: Dynamics of the share of investments in the active part of  
fixed assets in the total amount in the Republic of Crimea for 2014-  
2016 % (Source: compiled by the authors based on [20])  
1.31  
Assessment of investment security of the Republic of  
Crimea  
2
014  
2015  
2016  
Normative  
Fixed asset retirement rate, %  
To assess investment security, we will use the indicator  
approach, which involves the calculation of an integral  
indicator of investment security. To do this, we present the  
indicators affecting the investment security of the region in a  
comparable form by calculating the deviations of their values  
from the normative ones, and calculate the aggregate indicator  
of investment security of each group of indicators, and then the  
Figure 18: Dynamics of the coefficient of disposal of fixed assets of  
the Republic of Crimea for 2014-2016 % (Source: compiled by the  
authors based on [20])  
The share of investments in the active part of fixed assets  
in the total amount in the Republic of Crimea increased by  
5
9.86% in 2015 compared to 2014 and amounted to 44.6%. The  
1475  
Journal of Environmental Treatment Techniques  
2020, Volume 8, Issue 4, Pages: 1468-1479  
integral indicator characterizing the investment security of the  
region. Table 3 presents the calculation of the aggregate  
indicator of investment security in the region of the first group  
“Investments in fixed assets”, “Ratio of investments in fixed  
assets to GRP”, “Investments in fixed assets per capita”. These  
figures increased in 2016. The share of investments in fixed  
assets of a foreign form of ownership was very low at 0.3605  
in 2014; it became even less and amounted to 0.1719 in 2015-  
2016. It noted that the ratio of investments from own funds in  
2016 decreased and became less set recommended value. Thus,  
in 2016, the region recorded an insufficient ratio of investments  
in fixed assets in relation to GRP, as well as the volume of  
foreign investments in fixed assets. The most negative impact  
on the formation of the aggregate indicator of investment  
resources made by the change in the indicator “The share of  
investments in fixed assets of a foreign form of ownership”.  
Attracting foreign investment in the economy of the Republic  
of Crimea will fundamentally change the situation in this group  
of indicators. Table 5 presents the calculation of the aggregate  
indicator of investment security in the region of the third group.  
Table 3: Calculation of the aggregate indicator characterizing  
the investment environment of the Republic of Crimea for  
2014-2016  
No. Name of indicator  
2014  
2015  
2016  
1
GRP  
0,7368 1,0345 1,2287  
Volume of gross  
2
regional product per  
capita  
0,7409 1,0341 1,2250  
The ratio of public  
debt to GRP  
The number of  
crimes per 100.0  
thousand people  
Aggregate indicator  
3
4
2,7754 4,5491 0,4132  
1,2690 0,8366 0,9835  
5,5221 7,4543 3,8505  
Table 5: Calculation of the aggregate indicator of the results  
of using investment resources of the Republic of Crimea for  
Source: calculated by the authors  
2
014-2016  
The norm of the first group of indicators is 4, since there  
are four indicators in the group and the positive minimum value  
of each of the indicators should be 1. The aggregate indicator  
of the investment environment increased from 5.5221 to 7.4543  
in 2015 compared to 2014, after this it decreased to 3.8505 and  
fell below the norm in 2016. The resulting value is the smallest  
among 2014-2016. The decrease of the aggregate indicator of  
the investment environment is due to a significant increase in  
the public debt of the Republic of Crimea in absolute terms in  
December 2016, a result of which the reduced of relative  
indicator “Ratio of public debt to GRP” significantly decreased.  
The remaining indicators of the first group: “GRP”, “Volume  
of gross regional product per capita” and “Number of crimes  
per 100.0 thousand people” increased in 2016. The last  
indicator did not reach the optimal value, and the first two  
constantly increased and were the best in 2016. Thus, the  
investment environment in 2016 worsened due to a sharp  
increase in the state debt of the region. Table 4 presents the  
calculation of the aggregate indicator of investment security in  
the region of the second group.  
No. Name of indicator  
2014 г.  
2015 г.  
2016 г.  
Internal costs of research  
for GRP  
Commissioning of new  
fixed assets  
The share of input of new  
fixed assets in the total  
receipt of fixed assets  
Fixed assets renewal rate  
1
2
0,1351  
0,2323  
0,2233  
0,3611  
0,8029  
0,4558  
1,8360  
2,4103  
3
0,1338  
1,8994  
4
5
0,7522  
1,3123  
0,3217  
1,7007  
Fixed assets retirement rate 3,8168  
Depreciation ratio of fixed  
6
0,5674  
0,5594  
0,5731  
assets  
The share of investments in  
the active part of fixed  
assets in the total amount  
7
0,7240  
7,6377  
1,1574  
5,2725  
1,1185  
8,1836  
Aggregate indicator  
Source: calculated by the authors  
The aggregate indicator of the results of using the  
investment resources of the Republic of Crimea amounted to  
.6377 in 2014 in the year it fell to 5.2725 and fell below the  
7
standard value of 7 in 2015. This indicator increased to 8.1836  
in 2016, and became the largest during 2014-2016, i.e. in 2016;  
the use of investment resources in the Republic of Crimea was  
the most effective. The smallest value given by the relative  
indicator “Internal expenditures on scientific research to GRP”  
during 2014-2016. Small values of this indicator indicate an  
insufficient level of funding for scientific research at  
enterprises of the Republic of Crimea. The relative indicator  
“Commissioning of new fixed assets” amounted to 0.3611 in  
Table 4: Calculation of the aggregate indicator characterizing  
the dynamics of investment resources in the Republic of  
Crimea for 2014-2016  
2
г.  
014  
2015  
г.  
2016  
г.  
No. Name of indicator  
Investments in fixed  
assets  
Ratio of investments  
in fixed assets to GRP  
1
0,5331 0,9592 1,5077  
0,5584 0,7156 0,9470  
2
2014. However, the indicator increased during the analyzed  
Investments in fixed  
assets per capita  
period and amounted to 1.8360 in 2016. It was in 2016 at the  
Crimean enterprises that the largest volume of new fixed assets  
introduced. The relative indicator “The share of new fixed  
assets in the total receipt of fixed assets” had the same  
dynamics as the previous indicator and increased from 0.1338  
to 2.4103 for 2014-2016. The increase in the indicator is  
explained by the fact that when funds more and more attention  
has been paid to new fixed assets. In contrast to the previous  
indicators, the relative indicator “Fixed assets renewal  
coefficient” decreased in 2014-2016 and in 2016 amounted to  
3
0,5364 0,9594 1,5041  
1,2189 1,2703 0,9027  
Investment coefficient  
at own expense  
4
The share of  
investments in fixed  
assets of foreign  
ownership  
Aggregate indicator  
5
0,3605 0,1666 0,1719  
3,2073 4,0711 5,0335  
Source: calculated by the authors  
0.3217. The dynamics of this indicator indicates a general  
decrease in the income of fixed assets at Crimean enterprises.  
The relative “Retirement rate” for the analyzed period also  
decreased from 3.8168 to 1.7007. At the same time, the lowest  
disposal rate recorded in 2015. The relative “Depreciation  
According to table 4, the aggregate indicator of investment  
resources reached the normative level of 5 only in 2016; this  
indicator was lower than the normative value in 2014-2015,  
which is due to the low values of the relative indicators  
1476  
Journal of Environmental Treatment Techniques  
2020, Volume 8, Issue 4, Pages: 1468-1479  
coefficient of fixed assets” practically did not change, but  
reflects the high deterioration of fixed assets of the Republic of  
Crimea. The relative indicator “The share of investments in the  
active part of fixed assets in the total amount” increased from  
of the investment environment was unsatisfactory in 2016. The  
integrated indicator of investment security of the Republic of  
Crimea shown in Figure 21.  
As can be seen from Figure 2.21, the integral indicator of  
investment security of the Republic of Crimea was higher than  
the normative value in 2014-2016. At the same time, its  
dynamics constantly increased during the analyzed period, so it  
was 16.37 in 2014, 16.8, in 2015, 17.07 in 2016. Thus, the  
investment security of the Republic of Crimea was at the  
minimum necessary level in 2014-2016, having a positive  
trend, which indicates that investment activity in the region is  
increasing. Since there are statistics only for two groups of  
indicators for 2017, we calculate the integral indicator of  
investment security based these two groups for 2014-2017. At  
the same time, the standards of indicators changed, which based  
on the average value for the analyzed periods. We calculate the  
given indicators of investment security for 2014-2017 (Table  
6).  
0
.7240 to 1.1185 for the analyzed period. It should be noted that  
in 2016 and 2017 the given indicator exceeds 1, which indicates  
a sufficient amount of investment in the active part of fixed  
assets in their total amount.  
Thus, the calculation of the aggregate indicator of the  
results of using investments in the Republic of Crimea showed  
different values. The aggregate indicator exceeded the standard  
d in 2014 and 2016, but was below the established standard in  
2
015. The highest value of the aggregate indicator was  
determined in 2016. The growth of the aggregate indicator in  
the reporting period occurred primarily because many new  
enterprises began to work in the Republic of Crimea in 2016.  
Particular attention needs to low internal costs for research, a  
decrease in the coefficient of renewal of fixed assets and a  
sufficiently high level of deterioration of fixed assets.  
Correction of these indicators will improve the results of the  
use of investment resources in the Republic of Crimea.  
Almost all the values of the investment security indicators  
of the first group are higher than the normative values for 2014-  
2017. The relative indicators "GRP" and "Volume of gross  
regional product per capita" in 2014, "The number of crimes  
per 100 thousand people." in 2015 and 2016, as well as the  
1
7.07  
“
Ratio of public debt to GRP” in 2016 and 2017 made in  
1
6.8  
1
6.37  
exception. The low values of the latter indicator are due to the  
large amounts of the state debt of the Republic of Crimea in  
2
016-2017, as a result of which the aggregate indicator of  
1
6
investment resources is very low, and in 2016 it is even less  
than the standard. Moreover, the highest value of this indicator  
recorded in 2015. The positive dynamics of the aggregate  
indicator of the investment environment in 2017 compared to  
2016 was due to a decrease in the ratio of public debt to GRP  
and a decrease in the number of crimes per 100 thousand people  
in the Republic of Crimea.  
2
014  
2015  
2016  
Integral indicator of investment security of the Republic  
of Crimea  
There is an increase in the indicators “Investments in fixed  
assets”, “Investments in fixed assets to GRP”, as well as  
Normative  
“
Investments in fixed assets per capita” in 2017. This is due to  
Figure 21: Dynamics of the integrated indicator of investment security  
of the Republic of Crimea in 2014-2016 (Source: compiled by the  
authors)  
the fact that investment in fixed assets increased by more than  
2.5 times in 2017. However, this year, even indicators that were  
so low have decreased, namely, the “Investment rate at the  
expense of own funds” and “The share of investment in fixed  
assets of a foreign form of ownership”. The positive impact of  
the first three indicators exceeded the negative impact of the  
last two, which led to an increase the aggregate indicator of the  
dynamics of investment resources in 2017 compared to 2016.  
In each of the periods of the study, different problems  
observed, since the main problem of the region was the lack of  
investment resources in 2014, the indicators of the results of  
using investment resources in 2015 low, the aggregate indicator  
Table 6: Relative indicators of investment security of the Republic of Crimea for 2014-2017  
No.  
2014 г.  
2015 г.  
2016 г.  
2017 г.  
1,1821  
1,1783  
0,6399  
1,0581  
4,0583  
Investment Environment Indicators  
1
2
3
4
GRP  
0,7368  
0,7409  
2,7754  
1,2690  
5,5221  
1,0345  
1,2287  
Volume of gross regional product per capita  
The ratio of public debt to GRP  
The number of crimes per 100.0 thousand people  
Aggregate indicator of Investment Environment  
1,0341  
4,5491  
0,8366  
7,4543  
1,2250  
0,4132  
0,9835  
3,8505  
Investment Resource Indicators  
1
2
3
4
5
Investments in fixed assets  
Investments in fixed assets to GRP  
0,5331  
0,5584  
0,5364  
1,2189  
0,3605  
3,2073  
8,73  
0,9592  
0,7156  
0,9594  
1,2703  
0,1666  
4,0711  
11,53  
1,5077  
0,9470  
1,5041  
0,9027  
0,1719  
5,0335  
8,88  
2,2705  
2,4154  
2,2667  
0,3838  
0,0600  
7,3963  
11,45  
Volume of investments in fixed assets per capita  
Coefficient of investment at the expense of own funds  
The share of investment in fixed assets of foreign ownership  
Aggregate indicator of the dynamics of investment resources  
Integral indicator of investment security of the Republic of Crimea  
Source: calculated by the authors  
It should be noted that the aggregate indicator of the  
dynamics of investment resources has been constantly  
1477  
Journal of Environmental Treatment Techniques  
2020, Volume 8, Issue 4, Pages: 1468-1479  
increasing, which is explained, first of all, by the constant  
increase in investment in fixed assets of business entities of the  
Republic of Crimea. Dynamics of integrated indicators of  
investment security of the Republic of Crimea for 2014-2017  
clearly displayed in Figure 22. The investment security of the  
Republic of Crimea was below the limit in 2014 and 2016, and  
higher in 2015 and 2017. The integral indicator was low in 2014  
because the indicators characterizing the dynamics of  
investment resources in the Republic of Crimea were low, and  
the investment environment on the peninsula was low in 2016.  
Thus, the integral indicator of investment security fell below  
the standard in 2014 and 2016, because the influence of the  
indicators of the third group - indicators of the results of using  
investment resources, absent. The increase in the integral  
indicator of investment security in 2017 is due to an increase in  
investments in fixed assets in the Republic of Crimea during  
this period. The investment security of the Republic of Crimea  
is at a sufficient level in 2017.  
2015 - the indicators of the results of using investment  
resources were low, and in 2016 - the aggregate indicator of the  
investment environment was unsatisfactory. In 2017, the  
integral indicators of investment security were normal, but  
there remain problems associated with the presence of a large  
public debt of the Republic of Crimea, low volumes of own  
investment funds and foreign investment. The integral indicator  
of investment security of the Republic of Crimea was higher  
than the normative value in 2014-2016, which means that the  
investment security of the region in each of the analyzed  
periods was at the minimum necessary level. The integral  
values of the investment security of the Republic of Crimea  
calculated for the first two groups of indicators based on  
statistical data in 2014-2017. The integral indicator of  
investment security became lower than the norm in 2014 and  
2016 because the influence of the indicators of the third group  
was absent. The integral indicator of investment security  
increased in 2017 because investments in fixed assets in the  
Republic of Crimea increased by more than 2.5 times during  
this period. In 2017, the investment security of the Republic of  
Crimea was at a sufficient level. Further research directed to  
the development of a mechanism for managing the investment  
security of the region under the conditions of sanctions.  
1
1
1
4
2
0
8
6
4
2
0
1
1.53  
11.45  
8
.73  
8.88  
9
Aknowledgment  
The study was carried out with the financial support of the  
Russian Science Foundation within the framework of the  
scientific project "Interaction of social institutions as the basis  
of Russia's economic security in the context of globalization".  
2
014  
2015  
2016  
2017  
Integral indicator of investment security of the Republic  
of Crimea for 2014-2017  
Ethical issue  
Authors are aware of, and comply with, best practice in  
publication ethics specifically with regard to authorship  
(avoidance of guest authorship), dual submission, manipulation  
of figures, competing interests and compliance with policies on  
research ethics. Authors adhere to publication requirements  
that submitted work is original and has not been published  
elsewhere in any language.  
Normative  
Figure 22: Dynamics of the integrated indicator of investment security  
of the Republic of Crimea for two groups of indicators in 2014-2017  
Source: compiled by the authors)  
(
4
Conclusions  
According to the annual rating of investment attractiveness  
of the regions of Russia, compiled by the National Rating  
Agency, the Republic of Crimea and Sevastopol entered the  
category of moderate investment attractiveness (IC9) in 2017.  
To increase the investment attractiveness of the peninsula,  
a free economic zone introduced in Crimea. The most attractive  
for investors: resort and tourism, agriculture, construction,  
industry and the fuel and energy sector. In the Republic of  
Crimea, GRP increased, as well as the volume of investments  
in fixed assets in 2014-2017. The largest share in the structure  
of investments in fixed assets occupied by investments in  
buildings and structures. Relatively small amounts in the  
Republic of Crimea invested in housing. According to the  
analysis of indicators of investment security of the Republic of  
Crimea, the following conclusions made. First, the Crimean  
economy is growing; the debt burden on the economy of the  
region sharply increased and crime in 2016-2017 decreased.  
Second, investment in fixed assets increase, there is a decrease  
in the investment potential of the region from its own funds.  
Third, the region does not have enough foreign investment;  
there is a lack of investment in research. Fourth, there is a  
slowdown in the processes of capacity building and expansion  
of production, since the coefficients of renewal and retirement  
of fixed assets have decreased; fixed assets of the Republic of  
Crimea worn out and require updating. In each of the periods  
of the study, different problems observed, so the main problem  
of the region was the lack of investment resources in 2014, in  
Competing interests  
The authors declare that there is no conflict of interest that  
would prejudice the impartiality of this scientific work.  
Authors’ contribution  
All authors of this study have a complete contribution for  
data collection, data analyses and manuscript writing.  
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