Ankara: Economic growth is no longer "at the forefront" in Russia, the country's economic development minister said Monday, adding: 'We are now seeing the first signs of cooling in the economy.'

According to Anadolu Agency, Maxim Gennadyevich Reshetnikov pointed to the growing importance of the BRICS group-Brazil, Russia, India, China, South Africa, and others-in the global economy. He told a government meeting that by 2030, these countries' share of the global economy will reach 40%.

Reshetnikov explained that the Eurasian Economic Union is an organization that provides stability to the Russian economy. He stated: 'It not only provides an economic union for exports and investments, but also enables us to supply the materials we need.'

He also mentioned that Russia has the potential for 3% annual economic growth. Reshetnikov noted: 'This is an ambitious growth target that can only be achieved by improving the institutional environment and implementing all economic policy measures set out in the updated national projects.'

Reshetnikov's comments come days before the third anniversary of the Ukraine war, which led to a series of Western sanctions on Russia's economy, including tighter ones in recent months. Last week, talk of possible negotiations or a peace deal between Russia and Ukraine has made headlines.