Mongolia just made a historic breakthrough by signing a deal to buy oil products from South Korea. The fuel agreement follows South Korean President Lee Jae-myung’s state visit to Mongolia from July 9-11, which saw the two sides proclaim “a ‘New Golden Era’ of Mongolia-Korea relations.” Mongolia’s fuel supply has been under new pressure, both because of global supply chain difficulties stemming from disruptions to the Strait of Hormuz and because of Russia’s tightening fuel supply. Other countries reliant on Russia for fuel imports, including Kyrgyzstan and Tajikistan, have had to implement emergency fuel management measures. And with the new agreement, South Korea is becoming a key guarantor of stability for Mongolian gas stations and aviation.