Late on Wednesday Russia reached an agreement with Georgia on a bilateral trade deal which will open the door for Moscow’s entry into the World Trade Organisation, said the country’s key negotiator Maxim Medvedkov.

The talks ended Russia’s 18-year wait to join the WTO. Moscow’s main hurdle had been coming to an agreement with Georgia following a five-day war between the nations in 2008.

The final clash had been over how to deal with Georgia’s breakaway provinces, South Ossetia and Abkhazia.

According to the World Bank, entry to the WTO could add up to three percent of Russia’s economy in the medium term and up to 11 percent in the long-term. The WTO accounts for around 97 percent of world trade.

Meanwhile, European leaders have given Greece an ultimatum on the euro. A Greek referendum will take place in five weeks to decide on its Euro membership. A halt has been put on further aid by troika until after the referendum.