Business » Finance
Author`s name Dmitry 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.

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