OECD halts accession talks with Russia

PanARMENIAN.Net - A grouping of the world's most developed countries says it's provisionally halting accession talks with Russia in a move many will see as a direct response to the country's takeover of Ukraine's Crimean peninsula, the Associated Press reports.

The Organization for Economic Cooperation and Development, which promotes good governance and economic policy initiatives among its 34 mainly rich world members, says it has "postponed activities related to the accession process" with Russia "for the time being." No explanation for the decision was provided in the statement Thursday, March 13.

Russia has been in talks to join the since May 2007. As of last June Russia had concluded five of 22 reviews required for accession.

The OECD also said it would "respond positively to Ukraine's request" for closer ties with the Paris-based OECD.