Because of its location between Russia and China, today, as in the past, Mongolia is likely to be of strategic importance to Russia. Due to its own weakened position, Moscow favors Mongolia's adopting a neutral posture vis-àà-vis its two giant neighbors. This article analyzes the evolution of Moscow's policy toward Mongolia in the 1990s. Russian policy went through three stages: a breakdown of bilateral relations, stagnation, and revival of bilateral relations. Russian interests in Mongolia include both political-strategic and trade and economic aspects.