Mongolian Vector of Russia’s Foreign Economic Policy

November 26, 2024 marks the 100th anniversary of the proclamation of the Mongolian People’s Republic, the establishment of which as a sovereign state was made possible thanks to the full support of the USSR. The second socialist state in the world existed for less than 70 years. However, in terms of its significance in national development, this short period represents a separate era in the Mongolian history. The paper reveals the results of Soviet-Mongolian economic cooperation. It is shown that the Mongolia development as an independent state in the 20th century became possible thanks to the Soviet Union’s extensive economic assistance. Joint companies were the main instrument of Soviet assistance. Through their establishment, all key sectors of the Mongolian economy were created. At the same time, another result of this assistance was the gigantic credit debt of Mongolia to the USSR. Due to the collapse of the Soviet Union in 1991, Mongolia had to reorient itself to attracting economic assistance from Western countries. Thanks to their help, Mongolia was able to carry out political and economic reforms. Therefore, Western countries began to be considered as priority partners for Mongolia. At the present stage, they act as key investors in the mining sector of the Mongolian economy. The features of the settlement of Mongolia’s “great debt” to Russia as the legal successor of the USSR are revealed. The analysis of modern Russian-Mongolian economic relations showed that it is based on the import of Russian energy resources to Mongolia. At the same time, a number of joint infrastructure development initiatives are being developed that could bring multilateral economic cooperation in the regional triangle “Russia-Mongolia-China” to a new level. The modernization of the Trans-Mongolian railway and the construction of infrastructure for the transit of gas and electricity from Russia to China are considered as priority projects of Russian-Mongolian economic cooperation. Another important direction in the development of Russian-Mongolian economic cooperation could be the conclusion of a free trade agreement between Mongolia and the Eurasian Economic Union. This agreement will allow Mongolia to increase the profitability of exports of light industrial goods to Russia.