(Adds Kudrin's reaction in last two paras)

Saudi Arabia, the world's second largest oil producer, had to raise domestic oil prices to global levels before membership to the trade body in 2005, and has made similar demands on Russia.

Last Monday, the working group on Russia's accession met at the WTO headquarters in Geneva and agreed to continue talks at a meeting in mid-June. The talks will have an informal status due to the stance on Russia's membership taken by Georgia.

Tbilisi which became WTO member in 2000, is threatening to block Russia's accession to the WTO unless Moscow halts support for its breakaway regions of Abkhazia and South Ossetia.

Kudrin said Tuesday that Russia is very close to joining the global trade body.

"We have never been this close to joining the WTO," he said after the protocol signing in Riyadh.