ULAANBAATAR, March 13. /TASS/. China has banned the export of petroleum products, which is why Mongolia will import all of petroleum products from Russia, Mongolian Vice Minister of Industry and Mineral Resources Begzsuren Enkhtuvshin told a briefing.

"This year, we will not be able to import petroleum products from China, as it just banned their exports. Therefore, imports from Russia will cover 100% of Mongolia's fuel needs. We have stabilized the price of AI-92 gasoline, with the supply contract valid until December 31, 2026," he said.

The situation in the Strait of Hormuz is driving up oil prices and could impact Mongolia, which imports 97% of its petroleum products from Russia, the official added. The two countries agreed to ensure stable supplies during Russian President Vladimir Putin's visit to Ulaanbaatar in 2024.

Vice Minister also assured that Moscow is always ready to assist Ulaanbaatar with fuel supplies and emphasized that Russia "has long and reliably provided the Mongolian economy with essential energy resources." The Russian-Mongolian agreement stipulates the supply of 1.8-1.9 mln tons of petroleum products and 60,000 tons of jet fuel per year on a mutually beneficial basis.