OECD suspends accession talks with Russia

Photo: OECD suspends accession talks with Russia / Other News

The OECD said on Thursday it had postponed all activities related to Russia's accession to the organization following a request from its 34 members, Reuters reported.

The move by the organization, which includes economic heavyweights such as the United States, Germany, France, Japan and Mexico, is the latest effort to apply pressure on Moscow ahead of a referendum on Sunday in which Ukraine's southern region of Crimea could vote to secede and join Russia.

The Paris-based Organisation for Economic Cooperation and Development did not give further details, but according to its website the grouping opened discussions with Russia in 2007 for membership of the organisation.

The accession procedure is complex and can be long, as it involves a series of examinations to assess a country's ability to meet OECD standards in a wide range of policy areas.

During membership discussions, countries must demonstrate or bring their policies up to OECD standards in a range of areas such as tax, the environment and statistics.

Gaining access to the organisation is considered recognition that the country's economy and development level have reached an important mark.

The OECD also said its members had agreed to strengthen cooperation with Ukraine to help it address the "public policy challenges it faces".

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