Abstract: This article examines the topical questions of the Russia-Mongolia collaboration in the context of protection of transboundary waters in the basin of Baikal Lake. The author analyzes the plans for development of hydroelectricity in Mongolia, as well as reveals the peculiarities of the modern system of natural resource management in the international basin of Selenga River. The preliminary forecast of transboundary impact from the Mongolia’s side is conducted. The article substantiates the key direction of ensuring balance between the environmental and economic interests of the parties on the basis of the universally acknowledged procedures of assessing the impact upon environment in the transboundary context. The scientific novelty consists in determination of the theoretical and methodological foundations and practical measures aimed at establishment of the economic and legal base of the mutually beneficial use of the transboundary waters in the basin of Baikal Lake, which allows ensuring balance of the environmental and economic interests of Russia and Mongolia within the framework of the universally accepted system of principles and rules of international collaboration.

Abstract: Due to the plans of Mongolian government on realization of a number of major resource and infrastructure projects, the problem of ensuring environmental security in the Lake Baikal basin gained special relevance for Russia. This article examines the economic development strategy of Mongolia in the medium term prospects, which is based on the development of mineral deposits, as well as the energy and transportation infrastructure. The review is given to the largest projects which figure in the official and departmental documents of the adjacent state. The energy policy of Mongolia and the prospects for development of hydroelectricity in the Selenga River basin are being analyzed. Within the framework of the strategic environmental assessment the author explores the consequences of the major economic projects on the Mongolian territory that can produce a significant transboundary effect on the environmental situation, health and safety of the population in the Russia’s part of Lake Baikal basin. The potential problems in the Russia-Mongolia relations in the field of the joint use and protection of the transboundary waters are being determined. The conclusion is made that reaching the balance in the environmental and economic interests of Russia and Mongolia is possible in the context of mutually beneficial collaborations in the energy sector.