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March 10, 2022
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Fitch warns that the "default" from Russia is "imminent"

Fitch warns that the "default" from Russia is "imminent"

Sanctions by the OECD

The OECD announced on Tuesday the suspension of Russia and Belarus from all its instances, in a new phase of measures against both countries for the invasion of Ukraine.

“The OECD Council has decided to immediately suspend the participation of Russia and Belarus in its instances,” the organization’s secretary general, Australian Mathias Cormann, said in a statement.

Russia participated in almost fifty instances of the OECD. Belarus had limited participation in the education sector and in the Eurasia Programme, which has also been suspended.

The suspension means that both countries will no longer be able to participate in the meetings of those committees and programs.

In a first round of measures after the invasion, the Organization for Economic Cooperation and Development (OECD) announced on February 25 that it was formally closing the accession process, which had been paralyzed in 2014 due to the illegal annexation of Crimea.

The Council of the OECD then asked Cormann to take the necessary measures to close the organization’s office in Moscow and to cease all invitations to Russia at the ministerial level and in the bodies in which it appears on the list of invitees.

With information from AFP and EFE



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