We have previously reported here and here on the steps Russia has been taking to tackle corruption and bribery. Russia has now become the latest country to sign up to the Organisation for Economic Cooperation and Development's (the OECD) anti-bribery convention. In order to sign up to the convention, countries are required to introduce adequate legislation to address and prevent corruption. The introduction of Russia's new anti-bribery law led to an invitation from OECD to Russia to sign up to the convention, a step which is significant not only in itself but also in turn brings Russia a step closer to full OECD membership something that Russia first applied for in 2007.
US Secretary of State, Hilary Clinton, who attended the signing ceremony commented: "This is an important step for Russia and for all members and partners of OECD. Russia has removed a major obstacle to doing business and advancing economic growth."
The OECD will now review Russia's legislation to verify whether it meets its required standards in preventing bribery. Questions remain in relation to whether Russia's laws adequately address the problem particularly in relation to bribery within its borders.