OECD Suspends Accession Talks With Russia

The Organisation for Economic Cooperation and Development (OECD) said it suspends accession talks with Russia, because of the country's involvement in the tensions in Crimea. 

The organisation, which includes the 34 major economic powers such as the United States, Germany, France, Japan and Mexico, did not give further details,  but noted that it will respond to Ukraine's request for intensifying the cooperation between Ukraine and OECD. 

The OECD originally turned down a request in 1996 from Russia to become a member under President Boris Yeltsin and started the current accession talks in 2007. 

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 a country's economy and development level have reached an important mark.