OECD suspends Russia and Belarus

Tags: International News

The Organisation for Economic Cooperation and Economic development (OECD) has suspended Russia and Belarus from participating in any activities of the OECD due to the Russian invasion of Ukraine.

• Neither Russia nor Belarus is a member of the OECD. 

• Russia's application to join the OECD was postponed after the country annexed Crimea in 2014 and was cancelled in February 2022 as a result of Russian aggression against Ukraine.

• Belarus has been punished for its role in supporting Russia in its invasion of Ukraine 

• The exclusion of Russia and Belarus will mean they're barred from participating in negotiations on issues including taxation, international business regulation and trade.

Organisation for Economic Cooperation and Economic development (OECD) 

• It is a group of the world’s most developed  and rich countries.  It discusses  a wide range of global issues like trade, taxation, money laundering,international business regulation  etc and sets the agenda for the world .

• It was founded in 1961. 

• Headquarters : Paris, France 

• Total member countries  38 

• Costa Rica was the 38th country to join the OECD.

• Russia, China, and India  are not members of OECD .

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OECD:  Organisation for Economic Cooperation and Economic development 

Belarus 

• Belarus or also called Byelorussia  is a landlocked country in Eastern Europe.

• It was once part of the Soviet Union and became independent after the disintegration of the Soviet Union in 1991.

• Capital : Minsk

• Currency : Belarusian ruble  

• President : Alexander Lukashenko