The Russian government has instructed Russian Railways (RZD) to prepare the sale of an asset in the Moscow City business center—a skyscraper and space within the Moscow Towers complex —as one of several measures to reduce the company's debt burden. This was reported to Reuters on December 18, 2025, by sources who clarified that the discussion took place at a government meeting last week and that RZD is aiming for a "loss-free" transaction in 2026 .
According to Reuters, the rationale behind the decision is to partially offload Russian Railways' debt, which the agency's sources estimate at more than 4 trillion rubles (approximately $50 billion) , and thereby avoid a sharp increase in freight tariffs as a "quick fix" to close the financial gap. The sale of Moscow Towers is being considered as part of a broader "anti-crisis" program: debt restructuring, possible budget mechanisms, and options for converting part of the debt into equity are being discussed in parallel. However, as the head of VTB previously noted, banks have already rejected the proposed conversion of approximately 400 billion rubles.
Asset context (what is known from public publications):
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Business media previously reported that Russian Railways acquired approximately 350,000 square meters of space in Moscow Towers in 2024; the deal was valued at 193.1 billion rubles.
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On December 18, Kommersant also reported that the government is discussing a program to improve Russian Railways' financial situation, where the sale of space in Moscow Towers is on par with cost reductions and debt restructuring.
The key issue in the market is the liquidity of such a large volume of premium real estate and the exit price, taking into account rates and transaction financing parameters. Even with a high valuation, finding a buyer/consortium for a comparable amount will be difficult in a slowing economy, so the timing and format of the sale (as a single lot or in parts) become critical to the outcome.
Related materials:
Russian Railways has acquired almost the entire Moscow Towers skyscraper for its new headquarters.
