Russia's full-scale invasion of Ukraine has crippled the Mongolian economy. Mongolian Prime Minister Luvsannamsrain Oyuun-Erden complained that the sanctions against Russia hit his country.
The head of the Mongolian government spoke of financial damage, which includes the loss of airline revenues and difficulties in importing necessary goods from Russia.
Mongolia faces shortage of goods due to sanctions against Russia
“Despite being a democratic country, Mongolia is also under pressure from for sanctions against Russia,” Oyun-Erdene said.
The collateral losses include, among other things, difficulties with payments to Russian companies. According to the prime minister, Mongolia is “totally dependent” in terms of fuel, as well as lost revenue from “navigation fees”.
Previously, airlines whose aircraft operated flights over Russian territory paid for the use of Mongolian airspace.
The situation in Ukraine is not just a conflict between two countries. The war has a huge negative impact on the world economy and especially on small landlocked countries, including Mongolia. Economic sanctions should be introduced on the basis of large studies, as they have great consequences and a negative impact on other countries, Oyuun-Erden said.
He added that there was a shortage in Mongolia of goods such as diesel fuel, sunflower oil and mining equipment imported through Russia.
Who else opposes sanctions against Russia
- Due to Russia's invasion of Ukraine, the EU countries, the United States and other states have imposed a number of tough sanctions against the regime of Vladimir Putin, affecting the trade in oil, coal, gold.
- In particular, the EU has already approved 9 packages of sanctions against Russia and plan to agree on restrictions against Belarus, which supported the military invasion of Ukraine.
- European sanctions against Russia were repeatedly blocked by the Hungarian government, headed by Viktor Orban close to Putin. Orban has repeatedly argued that the sanctions are allegedly ineffective.
- Orban admitted that Hungary is interested in cooperation with Russia. As you know, in the summer of 2022, Budapest blocked the oil embargo and, as a result, obtained exceptions for Hungary through ultimatums.
