Events in Ukraine/Russia and their implications to Mongolia
Events in Ukraine/Russia have significantly increased geopolitical and economic uncertainty with direct negative effects on the economies of Ukraine and Russia and potentially wider implications for the region as a whole. Russia is particularly important for Mongolia geopolitically and economically. And, economists have been more pessimistic recently to Russian economy which was otherwise fragile even before the Crisis. It is likely that Russian economy has entered into the recession. In this environment, Russia will likely to look for East as trading partners as no one in the West wants to trade with them anymore. Therefore, their relationship with China will be more important than before in the future. However, to increase the trade between the two countries, the less developed infrastructure in Mongolia should be improved. In this regard, Ulaanbaatar railway, which is 50/50 joint venture between Russia and Mongolia has not been renovated for a long time because Russia was rather reluctant in a past to develop because of the potential competition with Siberian Railway. However, now that Russia is more eager to trade with China, the route may be developed in a near future.
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