Support The Moscow Times!

Glavmosstroi Deal Voided

Moscow's Urban Planning and Land Commission has approved the cancellation of Glavmosstroi's contract to develop an area in the Kuntsevo district and payment of 10.964 million rubles ($342 million) in compensation to the company, a City Hall source said, RIA-Novosti reported, as cited by Vedomosti.

In 2008, Glavmosstroi and City Hall agreed to cancel the project but in 2010 the developer filed a lawsuit seeking to get compensation.

Under the project, Glavmosstroi was expected to demolish old buildings and build 1.5 million square meters of housing.

Glavmosstroi is controlled by tycoon Oleg Deripaska.


… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more