OECD postpones Russia’s accession process

The Organisation for Economic Cooperation and Development (OECD) said yesterday that it had postponed all activities related to Russia's accession to the organisation after it received a request from its 34 members.

The move by the organisation, which includes economic heavyweights such as the US, Germany, France, Japan and Mexico, comes as the latest effort to apply pressure on Moscow ahead the referendum due on Sunday, which would see Ukraine's southern region of Crimea vote to secede and join Russia.

Though the Paris-based OECD gave no further details, according to its website, the group opened discussions with Russia in 2007 for membership of the organisation.

The complex accession procedure could be long drawn out, as it involved a series of examinations to assess a country's ability to meet OECD standards, across a wide range of policy areas.

During membership discussions, countries would need to demonstrate their policies were up to OECD standards across a range of areas such as tax, the environment and statistics.

Access to the organisation, comes as a mark of the country's economy and development level reaching an important milestone.

The OECD added, its members had agreed to strengthen cooperation with Ukraine to help it address the public policy challenges it was faced with.

OECD members also agreed that the OECD ''should respond positively to Ukraine's request to further strengthen existing OECD-Ukraine co-operation,'' the grouping said in a short statement.

The decision comes after international pressure on Russia mounted over its incursion into Ukraine's Crimea peninsula, that had brought about a stand-off between Moscow and the West.

Germany's Angela Merkel warned Moscow yesterday of "massive" political and economic damage in the event of its refusal to change course on Ukraine.

She added, western leaders were united in their readiness to impose sanctions on Russia if necessary.