OECD Bans Russia and Belarus from Participating in Its Hosted Events

[Asia Economy Reporter Kim Hyunjung] Russia, which invaded Ukraine, and Belarus, which assisted it, will no longer be allowed to participate in any events hosted by the Organisation for Economic Co-operation and Development (OECD).

On the 8th (local time), the OECD announced in a statement that its board had made this decision and that it will continue to assess the situation going forward. The OECD is an international organization that analyzes various economic and employment policies of the world's wealthiest countries and provides recommendations for future directions.

Russia and Belarus are not OECD member countries. Russia began accession negotiations with the OECD in 2007, but discussions were halted in 2014 after the forced annexation of the Crimean Peninsula.

Earlier, last month, the OECD concluded Russia's membership negotiations, decided to close its Moscow office, and established a policy not to invite Russia to ministerial-level meetings.

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