1 GOVERNMENT TO FORMALLY APPROACH RIO TINTO, OYU TOLGOI TO SAFEGUARD NATIONAL INTEREST WWW.MONTSAME.MN PUBLISHED:2026/01/09      2 NON-COMPLIANT ADVERTISING BILLBOARDS TO BE REMOVED WWW.MONTSAME.MN PUBLISHED:2026/01/09      3 FROM TORONTO, CANADA TO PHU QUOC, VIETNAM: MONGOLIA’S BOLD 2026 AVIATION EXPANSION INCLUDES NEW FLIGHTS, VISA-FREE TRAVEL, AND AIRPORT UPGRADES! WWW.TRAVELANDTOURWORLD.COM PUBLISHED:2026/01/09      4 MONGOLIA TO MARK 820TH ANNIVERSARY OF THE GREAT MONGOL EMPIRE WWW.MONTSAME.MN PUBLISHED:2026/01/09      5 PARLIAMENT SUPPORTS SOLAR GER INITIATIVE UNDER NEW REGULATORY REFORMS WWW.MONTSAME.MN PUBLISHED:2026/01/09      6 MONGOLIA TO PURCHASE 710 THOUSAND TONS OF GASOLINE FROM RUSSIA WWW.OPEN.KG PUBLISHED:2026/01/09      7 ULAANBAATAR TO INSTALL 11.7 KM OF STORM DRAINS AT 19 SITES WWW.MONTSAME.MN PUBLISHED:2026/01/09      8 BUILDING MONGOLIA'S NEW, OLD CAPITAL AT KHARKHORUM WWW.THEDIPLOMAT.COM PUBLISHED:2026/01/08      9 BACKED BY INDONESIAN TYCOON, THIS LISTED FIRM RUSHES TO ACQUIRE A MONGOLIAN MINE WWW.CNBCINDONESIA.COM PUBLISHED:2026/01/08      10 PREPARATORY WORK LAUNCHED TO BRING THE BORTEEG DEPOSIT INTO ECONOMIC CIRCULATION WWW.MONTSAME.MN PUBLISHED:2026/01/08      УЛААНБААТАРТ ӨНДӨР ТЕХНОЛОГИЙН ХОЁР ҮЙЛДВЭР БАЙГУУЛЖ, УСАН ХАНГАМЖИЙГ 80 ХУВИАР НЭМЭГДҮҮЛЛЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2026/01/09     ХУУЛЬ БУС ЭЗЭМШИЛД БАЙСАН 15 БАРИЛГА БАЙГУУЛАМЖИЙГ НИЙСЛЭЛД БУЦААН АВЧЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2026/01/09     МОНГОЛ УЛСАД 37 097 ГАДААД ИРГЭН ОРШИН СУУХ БҮРТГЭЛТЭЙ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2026/01/09     ҮСХ: 12 ДУГААР САРЫН ИНФЛЯЦ 7.5 ХУВЬТАЙ ГАРЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2026/01/09     2026 ОНД НИЙСЛЭЛД ХЭРЭГЖИХ ТОМООХОН БҮТЭЭН БАЙГУУЛАЛТУУД WWW.ITOIM.MN НИЙТЭЛСЭН:2026/01/09     ДУЛААНЫ ТАРИФ НЭМЭГДҮҮЛЭХ ШИЙДВЭРИЙГ ХОЙШЛУУЛЖ, 2027 ОНЫ НЭГДҮГЭЭР САРЫН 1-НЭЭС НЭМНЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2026/01/09     НИЙГМИЙН ДААТГАЛЫН ӨР ТӨЛБӨРТ ТООЦОЖ, "КАПИТАЛ" БАНКНААС ХУРААСАН ХӨРӨНГИЙГ ДУУДЛАГААР ХУДАЛДАНА WWW.GOGO.MN НИЙТЭЛСЭН:2026/01/09     НИЙСЛЭЛИЙН 19 БАЙРШИЛД 11.7 КМ АВТО ЗАМЫН БОРООНЫ УС ЗАЙЛУУЛАХ ШУГАМ УГСАРНА WWW.ITOIM.MN НИЙТЭЛСЭН:2026/01/08     "БНХАУ-ЫН НЭГ КОМПАНИТАЙ ШАТАХУУНЫ ГЭРЭЭ БАЙГУУЛСАН" WWW.NEWS.MN НИЙТЭЛСЭН:2026/01/08     ЕРӨНХИЙ САЙД Г.ЗАНДАНШАТАР “РИО ТИНТО-Д ХАТУУ ШААРДЛАГА ХҮРГҮҮЛНЭ WWW.NEWS.MN НИЙТЭЛСЭН:2026/01/08    

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2025 London UK MBCCI London UK Goodman LLC

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Factors shaping India's renewed interest in Mongolia And why China is sure to notice www.caliber.az

The recent four-day state visit of Mongolia’s President Khurelsukh Ukhnaa to India signaled a deeper phase of cooperation between India’s expanding energy ambitions and Mongolia’s growing resource potential, hinting at the emergence of a new strategic axis in Asia.
For India, Mongolia has become a natural strategic partner—its “Third-Neighbor” foreign-policy doctrine aligns seamlessly with New Delhi’s efforts to build new bridges across Eurasia. For Mongolia, India offers not only technological and financial support but also a crucial means of diversifying away from longstanding dependencies, as reported by The Diplomat publication.
At the center of this evolving partnership is India’s largest foreign-development commitment to date: a $1.7 billion line of credit extended to Mongolia in 2018 to build the country’s first oil refinery.
Designed to process 1.5 million tons of crude annually—about 30,000 barrels per day—the refinery is expected to meet between 50 and 66 percent of Mongolia’s demand for refined petroleum products. For a nation heavily reliant on Russian fuel imports, the project is widely viewed as transformative.
Yet beyond the refinery lies a far broader agenda encompassing resource diversification, critical-minerals supply chains, energy-transition cooperation, and new regional connectivity routes—areas that hold both significant opportunity and inherent risk.
During the October visit, the two governments signed 10 memoranda of understanding spanning digital collaboration, cultural exchange, geology, and minerals cooperation. A standout agreement was the MoU on geology and mineral resources, which positions Mongolia as a future export hub for India’s needs in coking coal, copper, and other critical inputs essential to its steel and technology industries.
India’s interest in Mongolian coking coal is unsurprising: as one of the world’s largest steel producers, it depends heavily on imported metallurgical coal. Reducing reliance on Australia and lowering supply-chain vulnerability has become strategically important. Mongolia, whose coal accounts for more than half its exports by volume, is eager to diversify its markets beyond China. The alignment is clear—but the land-locked geography remains a major hurdle, with routes passing through either Russia or China, both of which introduce cost, regulatory complications, and geopolitical sensitivities.
The refinery represents only the first stage of possible cooperation. Future steps could include downstream integration—supplying refined products to Mongolia’s market, exporting surplus fuels to Central Asia or northern China, and eventually expanding to petrochemical manufacturing. For India, exporting engineering expertise, project-execution capabilities, and technical training to Mongolia strengthens its long-term strategic foothold in Eurasia.
As India seeks to secure stable supplies of coal, metals, and rare-earth minerals amid global uncertainty, Mongolia offers a significant—though logistically challenging—alternative. Should India and Mongolia, working with Russia as a transit partner, establish cost-effective transport corridors, analysts suggest the possibility of a “Mongolia-India Raw Materials Bridge.”
Energy transition is another emerging front. Mongolia possesses vast solar and wind potential and recently joined the International Solar Alliance. India brings advanced technical capabilities, strong manufacturing capacity, and an increasingly influential role in global green-energy diplomacy. A partnership in renewables could eventually position Mongolia not only as a domestic clean-energy producer but also as an exporter of green electricity or hydrogen derivatives, with India acting as investor, technology partner, or buyer.
Still, major constraints temper expectations. Mongolia’s challenging geography, severe climate, and dependence on transit through larger powers raise both logistical costs and political risks.
The refinery, while important domestically, is modest in global terms and unlikely to transform the regional energy map alone. Economic data also highlight the scale of the challenge: Mongolia’s trade with India remains minimal—less than 0.5 percent of its total turnover in 2024—while China accounts for 69.7 percent, underscoring just how much ground New Delhi must still cover.
By Nazrin Sadigova

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Mongolia Observes Republic Proclamation and First Constitution Anniversary www.montsame.mn

Mongolia commemorated the 101st anniversary of the Proclamation of the Mongolian People’s Republic and the Adoption of the First Constitution on November 26, 2025.
On November 26, 1924, Mongolia became one of the first Asian countries to abolish the monarchical regime and transition into the republican system, a progressive political form of government in the 20th century. With the adoption of its First Constitution, Mongolia replaced the monarchical government with a new system that allowed citizens to establish the government electively and introduced legal provisions based on democratic ideals. Specifically, the country abolished feudal serfdom, declared the natural resources to be the property of the people, and guaranteed the rights of citizens to vote and be elected. Moreover, it laid the foundation for modern parliamentary governance, legislating equal rights for women and men.
The First Constitution of Mongolia consists of six chapters and 50 articles. Article 1 of the First Constitution stipulates, “From now on, the State of Mongolia shall be known as the Mongolian People’s Republic, a fully sovereign and independent state, wherein the supreme power of the state shall be vested in the people, and all the state affairs shall be carried out and decided by the State Great Khural and the Government formed by the Khural, and the people shall reverently comply with and follow the arrangement.”
In accordance with Article 7.3 of the State Ceremonial Procedures, the national flag is traditionally raised at Sukhbaatar Square on public holidays celebrated nationwide. Following this tradition, a flag-raising ceremony was held at the central square today.
The national flag is lowered before sunset. If a nationwide public holiday lasts for more than one day, the flag is lowered on the final day of observance.

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Over 200 international ships now sail with Mongolian flag www.gogo.mn

Mongolian officials told the opening of the 34th session of the International Maritime Organization (IMO) Assembly in London that more than 200 ships owned by companies in 25 countries now sail under the Mongolian flag. 
Ambassador B.Enkhsukh led Mongolia’s delegation to the Assembly, which opened November 24 and runs through December 3, and the delegation includes M.Ulzii, Director of Maritime Administration under the Ministry of Road and Transport.  
The IMO is the UN’s specialized agency responsible for maritime safety and preventing ship-sourced pollution; the Assembly, held every two years, approves the organization’s work programm, budget and elects Council members.
Mongolia joined the IMO in 1996 and has since acceded to dozens of maritime treaties, and it operates an open ship registry that enables ships owned or managed in other countries to register under the Mongolian flag.

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Government Allocates MNT 1 Billion for Overtime Incentives of Medical Staff www.montsame.mn

Prime Minister of Mongolia Zandanshatar Gombojav visited the Chingeltei District General Hospital on November 25, 2025.
Premier announced that the Government will allocate MNT 1 billion from the Government’s reserve fund for overtime incentives for doctors and medical workers, and MNT 400 million for purchasing reagents and diagnostic test kits.
According to hospital officials, the Emergency Department currently receives 80-140 children per day, indicating that the workload has tripled. In response, the hospital deployed 20 additional beds, increasing total capacity to 100 beds.
As of today, 98 children are hospitalized. Last week, the hospital conducted 839 examinations, 60 percent of which were for children aged 5-14. Meanwhile, 75 percent of inpatients are children under five years old. Doctors highlighted that young children are more susceptible to severe forms of influenza and influenza-like illnesses, showing symptoms such as high fever, chest congestion, hoarseness, and respiratory distress. They emphasized the need for Family Health Centers to regularize home-visit examinations.
Hospitals at all levels are operating overtime. The Chingeltei District General Hospital reported that extending service hours from 17:00 to 20:00 has reduced waiting times from 2-3 hours to about one hour.

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Munkhsukh Sukhbaatar appointed as Oyu Tolgoi Chief Executive Officer www.en.mininginsight.mn

The Board of Directors of Oyu Tolgoi has unanimously approved the appointment of Munkhsukh Sukhbaatar as Chief Executive Officer following a rigorous international selection process. He will begin his new role from 1 February 2026. 
Munkhsukh brings over 25 years of leadership experience across mining, aviation, investment, and financial services in diverse geographies. Munkhsukh began his career at Oyu Tolgoi in 2012, playing an active role in range of strategically significant projects. In 2015, he transitioned to the Rio Tinto Group, expanding his expertise in stakeholder relations, partnerships, and collaborative efforts. 
In his current role as Managing Director, Growth and Development Asia Pacific, Munkhsukh has overseen Rio Tinto’s regional copper portfolio, driving strategic partnerships, project development, and climate initiatives, including accelerating development of the Winu copper-gold project in Australia. 
Sean Hinton, Chairman of Oyu Tolgoi’s Board of Directors, said “After 15 years of development and firmly established sustainable production, Oyu Tolgoi now stands on the threshold of its next phase of growth. At this crucial juncture - alongside efforts to further strengthen shareholder trust and collaboration - the responsibility to drive Oyu Tolgoi’s advancement is placed with Munkhsukh. His deep understanding of Oyu Tolgoi, combined with global experience and proven leadership, places him in an exceptional position to secure Oyu Tolgoi’s continued success and guide the company toward achieving its long-term goals.” 
Munkhsukh Sukhbaatar, incoming Chief Executive Officer of Oyu Tolgoi, said “I am grateful for the trust placed in me and proud of the team whose dedication has brought Oyu Tolgoi to where it is today. With the continued support and collaboration of our partners and communities, my focus is to build on this strong foundation - further increasing our contribution to Mongolia’s sustainable development and creating value for everyone who has a stake in Oyu Tolgoi’s success.”

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Mongolia embraces foreign capital www.ifre.com

Mongolian bonds have bounced back from turbulence this year, and a broader range of issuance is on the way, according to speakers at the Mongolia Investment Forum in Singapore on Thursday, arranged by Capital Markets Mongolia.
Mongolian bonds have seen two downturns this year. The first was in April, when US president Donald Trump announced global trade tariffs, hurting commodities companies in particular.
Hong Kong-listed Mongolian Mining Corp, which produces coal, copper and gold, priced US$350m of bonds in late March, but they fell around 20 points in the secondary market following Trump’s “liberation day” announcement before rallying strongly.
Ulemj Baskhuu, group chief financial officer of MMC, said some bondholders asked her to buy back some of their notes at a discount.
“It was the first time our bonds performed so badly,” she said. “But now they’re above par investors don’t remember they had that discussion with me.”
The second disruption came on the domestic political front.
In June, youth protests led to the resignation of prime minister Oyun-Erdene Luvsannamsrai. Then in October, Mongolia’s parliament voted to oust his replacement, Zandanshatar Gombojav, a move that the constitutional court later blocked, saying it had no legal basis.
“I think we’ve seen worse,” said Linlin Ma, co-chief investment officer at Prudence Asset Management, which invests in Mongolian assets. “The message on the macro and fiscal policy front is quite consistent, and I think that gives investors great comfort when investing in Mongolia.”
Mongolian sovereign bonds are now trading around 220bp over Treasuries, a record tight spread. This has been helped by liability management exercises, meaning that the most recent US dollar issues have been either debt-neutral or debt-negative.
Go on Golomt
Meanwhile, Single B rated Golomt Bank's US dollar bonds sold in May 2024 at a yield of 12% have tightened to around 8.50% in the secondary market.
On Thursday, the bank made its debut in the Japanese bond market with a privately placed ¥15bn (US$95m) 1.85% three-year Samurai bond guaranteed by the Seoul branch of Sumitomo Mitsui Banking Corp.
“Mongolia has absolutely become a mainstream investment,” said Florian Schmidt, founder and director of capital markets advisory firm Frontier Strategies, pointing to orders of US$4bn or more for recent sovereign deals.
“The government has resumed issuance of tugrik bonds, which is a good idea,” he said. “It reduces the risk of external shocks if you have more debt in your home currency than foreign currency.”
Banks are the main investors in the onshore bond market, with pension funds and life insurers yet to play a significant role, but speakers at the conference were hopeful this could change. They also urged banks to develop the currency swap market to make life easier for issuers of foreign currency bonds.
One offshore issuer is Mongolian Mortgage Corp (MIK), which raises funds to buy and securitise mortgages from commercial banks. CEO Gantulga Badamkhatan said US investors typically have an easier time understanding the credit, as they are familiar with the US state-owned mortgage giants Freddie Mac and Fannie Mae.
However, he said many investors in MIK’s US dollar bonds wrongly perceive its credit risk to be on a par with commercial banks, something he hopes will change as a wider variety of Mongolian issuers go offshore and investors differentiate between them.
He also said government support of its role in freeing up bank liquidity onshore would result in cost savings.
“If the government provided a guarantee we could bring down the coupon by at least 200bp,” said Badamkhatan.
He said MIK aims to issue green or sustainability-linked bonds, which will likely be part of a wave of ESG-related bonds from Mongolia.
“A significant amount of investment is needed in the next five years and we believe infrastructure bonds will be coming to market, including for green energy,” he said.
Equity prospects
In the equity space, ICFG, the Guernsey-incorporated holding company of microfinance institution InvesCore Financial Group, in February became the first financial institution from Mongolia to list on the London Stock Exchange, through a reverse takeover.
It is looking to raise equity as it grows in Kazakhstan, Kyrgyzstan and Uzbekistan and is considering expanding to the Philippines, Laos and Cambodia, said its interim CEO Enkhmaral Batkhuyag.
Mongolia-listed InvesCore has issued public and private bonds in the local market, as well as asset-backed securities and loan notes.
Non-resident foreign investors are not allowed to buy Mongolia-listed bank stocks. Speakers at the conference said that after the country's five biggest banks listed to comply with local regulations, easing the rules would help them access institutional capital.
Companies in general have become more willing to embrace public markets, said Zolbayar Enkhbaatar, founder and CEO of Capital Markets Mongolia.
“I’m seeing a big shift in mindset,” he said. “Companies are more open to IPOs and foreign investors.”

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Thermal Power Plant 5 Targets Cleaner Air, Reliable Energy for Ulaanbaatar www.montsame.mn

Ulaanbaatar has launched its first strategic energy project under a public-private partnership, the Thermal Power Plant No.5, designed to deliver 300 megawatts (MW) of electricity and 340 gigacalories (Gcal) of heat.
According to the Office of the Governor of Ulaanbaatar City, the plant will operate with two 150 MW units and employ modern circulating fluidized bed (CFB) combustion technology. Once commissioned, it is expected to generate 2.2 billion kilowatt-hours (kWh) of electricity and 4.8 million gigajoules (GJ) of heat annually, significantly boosting the capital’s energy supply.
Equipped with advanced flue gas filtration, the plant is engineered to reduce fly ash emissions by up to 99.9 percent, positioning it among the most environmentally compliant projects in Mongolia’s energy sector. The use of low-sulfur, high-quality brown coal from Shivee-Ovoo, Baganuur, and Buuruljuut will further enhance combustion efficiency and lower pollutant emissions compared to existing facilities.
By adopting rotary fluidized combustion furnaces, emissions of sulfur oxides (SOx) and nitrogen oxides (NOx) will meet regulatory standards and align with international benchmarks. Beyond strengthening Ulaanbaatar’s energy security, the project will expand central heating coverage, ease the exhaust burden of ger districts, and reduce reliance on raw coal. This transition is expected to cut seasonal smoke pollution, one of Ulaanbaatar’s most pressing public health concerns.
The CHP-5 project reached a major milestone this November with the signing of its implementation agreement. Construction is scheduled to begin in spring 2026, marking the start of Mongolia’s first strategic energy project under a public-private partnership. Once underway, the plant is expected to advance on a fast-track basis, with completion targeted for 2028 within the planned timeframe. By integrating eco-efficient technologies, CHP-5 is positioned as a long-term solution to improve air quality while reinforcing Ulaanbaatar’s energy infrastructure and supply reliability.

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Mongolia, China to Cooperate in Animal-Derived Raw Material Processing www.montsame.mn

The Ministry of Food, Agriculture, and Light Industry of Mongolia has announced plans to cooperate with the People’s Republic of China to introduce advanced technologies for processing animal and animal-derived raw materials in partnership with the Industrial and Technological Park and the Academy of Sciences of Hebei Province.
The meeting was attended by B. Amarsanaa, Advisor to the Minister of Food, Agriculture, and Light Industry, M. Dondogdorj, Director of the Department for Coordination of Light Industry Policy Implementation, and Di Minghui, Vice President of the Academy of Sciences of Hebei Province.
During a meeting, the parties exchanged views and agreed to collaborate on several initiatives, including the establishment of a leather processing plant and a veterinary inspection laboratory.
It was further agreed to develop a cooperation plan in the light industry sector, aligned with Mongolia’s long-term and medium-term development policies and national programs. As part of this effort, the sides will establish a joint research and analysis laboratory in the near future.

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Mongolia elected to UNESCO World Heritage Committee for 2025-2029 www.qazinform.com

During the 25th session of the General Assembly of States Parties to the Convention Concerning the Protection of the World Cultural and Natural Heritage, Mongolia stood for election to the UNESCO World Heritage Committee in Paris on November 24, 2025, MONTSAME reports. 
Twelve countries contested five open seats. Mongolia secured support from 97 of 161 States Parties, joining the Republic of Armenia, the People’s Republic of Bangladesh, the Czech Republic, and the Republic of Poland as newly elected members. This marks the first time Mongolia has been elected to the Committee, which registers World Heritage properties, improves their conservation, and allocates funding for necessary programs and projects. The election represents a historic milestone achieved through Mongolia’s active and multifaceted diplomatic engagement, strengthening the country’s standing within the international community.
Mongolia acceded to the Convention in 1990. Under the cultural category, Mongolia has listed the Orkhon Valley Cultural Landscape, the Petroglyphic Complexes of the Mongolian Altai, the Great Burkhan Khaldun and Mountain, its surrounding sacred landscape, and the Deer Stone Monuments and Related Bronze Age Sites; and under the natural category, the Uvs Nuur Basin, and the Landscapes of Dauria. According to the Ministry of Foreign Affairs, these inscriptions contribute to sustainable tourism development, enhance the conservation of Mongolia’s historical, cultural, and natural heritage, and support the expansion of archaeological research.
Previously, Qazinform News Agency reported Kyrgyzstan was elected to the UNESCO Executive Board until 2029.

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GIEWS Country Brief: Mongolia 25-November-2025 www.reliefweb.int

Harvesting of the mostly irrigate 2025 wheat crop finalized last September and production is officially estimated at 282 000 tonnes, almost 40 percent below the previous five-year average. The reduced output reflects both a contraction in sowings, as farmers opted to grow more profitable vegetables and cash crops, and low yields due to dry weather conditions and abnormally high temperatures between May and July 2025, particularly in the central and western parts of the country. During this period, for about ten days the average air temperatures reached between 37°C and 39°C. In addition, extreme weather events, including heavy rainfall and hail, also occurred. As a result of unfavourable weather conditions, production of other key crops also declined compared with the previous year. Production of potatoes declined by about 23 percent, vegetables by about 22 percent, forage crops by about 46 percent and oil crops by about 49 percent.
Wheat import requirements in 2025/26 forecast well above-average level
Cereal imports consist mostly of wheat plus small quantities of rice. Wheat import requirements in the 2025/26 marketing year (October/September) are forecast at a well above-average level of 230 000 tonnes, driven by reduced domestic production in 2024 and 2025, and by the strong domestic demand for high‑quality wheat for human consumption. For the 2025 calendar year, imports of rice, which is not produced domestically, are forecast at an above average level 50 000 tonnes, reflecting increasing domestic consumption. The country will also rely on imports to cover domestic needs for potatoes and vegetables, due to the reduction in domestic production.
Prices of beef and mutton meat at record levels in July 2025
Wheat flour, and beef and mutton meat are the main staple foods in the country. Domestic prices of beef meat increased steadily since November 2024 and, as of July 2025, they reached record levels in various markets, increasing by 10 to 20 percent on the high levels of a year earlier. Domestic prices of mutton meat increased also from November 2024, reaching record levels in April 2025. Then, prices softened slightly but, as of July 2025, they remained between 7 and 33 percent higher than the elevated levels of a year earlier in different markets. The recent record prices reflect seasonal trends that were well amplified by the reduced domestic availability of livestock products in markets due to significant livestock losses caused by the 2023/24 dzud event. A strong import demand of beef and mutton meat products from China (mainland), the country’s main importer, further supported domestic prices.
Retail prices of wheat flour reached record highs in August 2024 and declined sharply until January 2025, reflecting ample market availability following the commercialization of the 2024 domestic harvest and declining international wheat grain quotations. Since March 2025, wheat flour prices surged, particularly in western regions as seasonal upward pressure was compounded by expectations of a severely reduced 2025 harvest. As of July 2025, wheat flour prices were about 5 percent below last year’s record level. To curb the high domestic prices, particularly in western regions, the government announced, on 9 October 2025, the temporary suspension of import tariffs on wheat flour imported through the western border with the Russian Federation and China (mainland), effective from 16 October 2025 to 10 April 2026.

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