"Now we have no legal obstacles to resume credit relations between Russia and Mongolia, such a possibility is currently under discussion," the Russian foreign minister said after the meeting, when asked about the possibility of Russia providing a ruble loan to Mongolia.
According to Lavrov, the two countries’ central banks are holding parallel talks on swap operations.
Earlier this year, Russian President Vladimir Putin ratified a law to write off Mongolia’s $174-million debt to Russia. The debt was a major hurdle for deeper cooperation between the two countries.
On Thursday, Lavrov signed a medium-term program for the development of Russia-Mongolia strategic partnership.
"Our ties are complemented by trilateral cooperation in the Russia-Mongolia-China format. At a meeting in Ufa in July 2015 the heads of state endorsed a ‘road map’ of trilateral cooperation and now the Working Group is finishing work on the program of creating a Russia-China-Mongolia economic corridor," Lavrov said.
The Russian foreign minister is also set to meet with Mongolian President Tsakhiagiin Elbegdorj and Prime Minister Chimed Saikhanbileg during his visit to Ulaanbaatar.