The EBRD has cut its 2022 emerging Europe growth forecasts again, reflecting a sharp downgrade for Ukraine and the regional fallout from the war and sanctions.
FX reserves fall by $1.2bn in few months—yet small, developing nation must pay for imports in USD.
Caught between ‘zero-Covid’ China on one side and war-sanctioned Russia on the other, the Mongolians face mounting difficulties.
Moscow is working to secure Mongolia as a junior partner for a new strategically important natural gas pipeline to China.
Country sinking into dire straits with combination of Ukraine war impacts and China’s “zero-Covid” policy driving up energy and food costs.
Wind and solar accounted for a record 10.3% of global electricity consumption in 2021, after solar generation rose by 23% and wind grew by 14%.
Ukraine's economy forecast to contract by 20% and projections worsen across emerging Europe — except for Eurasian oil and gas producers Azerbaijan and Turkmenistan.
Bank customers complain access to FX restricted. Rumours abound of people swapping huge sums of rubles for USD.
Mongolian deputy PM and Gazprom chair Alexey Miller hold online meeting for next stage of project to transit Russian gas to China.
Mongolian officials unlikely to state opposition to Ukraine invasion, given Kremlin's stranglehold on gasoline provision. Mongolia imports 98% of automobile fuel from Russia.