The Organization for Economic Cooperation and Development (OECD) is terminating the process of Russia joining the organization, the official statement reads.
"The OECD Council decided to formally terminate the process of Russia's accession, which was postponed in 2014," the statement reads.
The OECD also decided to close the organization's office in Moscow and stop inviting Russia to ministerial meetings.
The OECD asked the Committee on External Relations to stop Russian participation in other committees of the organization, and the OECD Council instructed the Secretary-General of the organization to take measures to stop all projects funded by voluntary Russian donations.
