The Council of the Organisation for Economic Co-operation and Development (OECD) has decided to immediately suspend the participation of Russia and Belarus in all its bodies, according to a statement on the organization's website.

"Further to its previous statements and decisions since 24 February 2022 in response to Russia's large-scale aggression against Ukraine, the OECD Council has decided to immediately suspend the participation of Russia and Belarus in OECD bodies," the OECD said.

The OECD Council will continue to review the situation as appropriate.

"OECD Members also tasked the Secretary-General to develop proposals to further strengthen support to the democratically elected government of Ukraine, including to support recovery and reconstruction," the OECD Council said.

Earlier, the OECD decided to formally terminate the accession process with Russia, which was postponed in 2014.

Established in 1961, the OECD is one of the leading economic organizations in the world, which includes 38 of the most developed countries. Currently it includes Australia, Austria, Belgium, the UK, Hungary, Germany, Greece, Denmark, Israel, Ireland, Iceland, Spain, Italy, Canada, Colombia, Latvia, Lithuania, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovakia, Slovenia, USA, Turkey, Finland, France, Czech Republic, Chile, Switzerland, Sweden, Estonia, South Korea and Japan. The headquarters of the OECD is located in Paris.