Business » Finance
Author`s name Dmitriy Sudakov

Europe’s tallest skyscraper frozen due to financial crisis

The construction of Russia Tower in Moscow City Business Center has been suspended in connection with the unfavorable situation on the financial market, the head of Russian Land, Shalva Chigirinsky told Interfax.

It was problematic for his company to realize projects under the conditions of the current economic situation, when the interest rate is high and there are no credit resources, the official said. Chigirinsky said that it was decided to freeze several objects with renowned Russia Tower in Moscow City among them.

The situation with the construction of Russia Hotel is also hard, the official said. “There were legal issues there, and now economic issues have been added. If we manage to solve certain questions then the project will be realized despite the economic situation,” the official said.

The projects will be completed once the situation on the financial market is improved.

Russian Land that is currently building Moscow’s largest financial center will have a personnel cut because of the crisis. “We cannot keep hundreds of people if they are not involved in the active work. We are trying to take less effort in doing the work that needs to be done, as we think,” Shalva Chigirinsky said.

Russia Tower is one of the skyscrapers on the territory of Moscow City Business Center. The center was planned to be completed by 2012. Norman Foster, the chief architect, designed the tower to become the tallest building in Europe and world’s second tallest building. The height of the 118- storeyed building is 612 meters. The tower has 520,000 square meters, of which 200,000 square meters will be built under the ground. The underground parking will be made for 3,680 cars.

Also read: World’s biggest building, Crystal Island, to be constructed in Moscow

Comments
Americans force Russia to create weapons even more powerful than S-500
Serbia forgives USA for 1999 bombings, forgets all victims, holds joint drills with NATO
Serbia forgives USA for 1999 bombings, forgets all victims, holds joint drills with NATO
Serbia forgives USA for 1999 bombings, forgets all victims, holds joint drills with NATO
Atmosphere above Russia contaminated with radioactive substance
Russian general says allegations of his involvement in MH17 crash are stupid
Why did Donald Trump recognise Jerusalem as the capital of Israel?
Why did Donald Trump recognise Jerusalem as the capital of Israel?
Russia unveils the date for the launch of the superbridge to Crimea
Why did Donald Trump recognise Jerusalem as the capital of Israel?
Why did Donald Trump recognise Jerusalem as the capital of Israel?
Russia on the eve of another Crimea referendum
Russia to install laser navigation system on the Moon
USA looking for reason to see nuclear weapons in action
Russia to build its own terminals in Egyptian airports
Putin prepares bitter and hysterical missile surprise to 'American partners'
Darwin and the Capital
Darwin and the Capital
Russian general says allegations of his involvement in MH17 crash are stupid
Russian general says allegations of his involvement in MH17 crash are stupid
IOC bars Russian athletes, excludes Russian national anthem and flag from Winter Olympics 2018